029 Group SE

M&A Activity • Oct 1, 2001

News Details

Corporate | 1 October 2001 10:00

Phoenix AG english

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Hamburg-based Phoenix AG announced the sale of its offset blanket activities to a management team and a fund managed by BPE Private Equity GmbH in Hamburg in the context of a management buy-out that took effect today. The sale of this business area, which was included under the group Other Segments, covers production facilities, inventories, trade receivables and payables as well as expertise in the development and production of offset blankets at the Thuringia location. With this sale, Phoenix AG will continue to implement its declared strategy of concentration on the group core activities, Comfort Systems, Conveyor Belt Systems and Fluid Handling. Revenues generated by Phoenix AG offset blanket activities came to EUR 16.5 million in the 2000 business year. The management buy-out covers the entire workforce of 71 employees involved in this area as well as all commitments in connection to existing agreements with employees. The parties to the sale have agreed not to divulge the purchase price. The proceeds received by Phoenix AG will improve the company financial situation and provide greater financial flexibility for the future. For further information, please contact: Phoenix AG, Investor Relations Dept. Phone: +49 (0) 40/7667-1521, Fax: +49 (0) 40/7667-2577 Internet: http://www.phoenix-ag.com end of message, (c)DGAP 01.10.2001