M&A Activity • Jun 11, 2013
M&A Activity
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Corporate | 11 June 2013 15:30
INDUS acquires eltherm, an internationally active energy technology company
INDUS Holding AG / Key word(s): Mergers & Acquisitions
11.06.2013 / 15:30
INDUS acquires eltherm, an internationally active energy technology company
Bergisch Gladbach, 11 June 2013 – SDAX-listed INDUS Holding AG (ISIN DE0006200108, WKN 620010, INH) today agreed to acquire 90% of the shares in medium-sized group eltherm from its shareholders.
Based in Burbach (Germany), Newbury (UK), Toronto (Canada), Singapore and Shanghai, the eltherm group produces electrical heat tracing systems for industrial processes. Such systems are used in the chemical industry, the oil and gas industry, power plant construction and the food industry where they protect liquids and chemicals against freezing or keep them at specified process temperatures (e.g. liquefied chocolate at approximately 70° C). eltherm produces a wide range of heating cables, heating mats, flexible heated cables as well as special products for process temperatures of up to 1,000° C. Special mention should be made of the production of self-regulating heating cables for low, medium and high temperatures up to 200° C. While this general technology has been mastered by an estimated ten manufacturers worldwide, there are only eight manufacturers who have mastered the technology for self-regulating medium and high-temperature cables. eltherm’s special heating systems also include a system for heating rails and points which was supplied to Network Rail in the UK as part of a major project in 2011. This technology is also being field-tested by Deutsche Bahn.
In 2012 the approximately 140 eltherm employees generated group sales in the vicinity of EUR 20 million. eltherm’s customers operate across a wide variety of industries from pharmaceuticals to industrial engineering. Sales currently centre on Germany, with Asia Pacific being the second most important region. About three years ago eltherm launched its own activities in Shanghai and Singapore. Its main customers in Asia include the fast growing chemical and petrochemical industries as well as the gas sector.
‘In eltherm we have added another high-calibre ‘hidden champion’ to our portfolio, with the added benefit that the group is active, and successfully so, in the growth regions which are particularly attractive for us. eltherm has managed to grow its Asian sales fourfold within the space of only three years,’ said Jürgen Abromeit, Chairman of the Board of Management of INDUS.
The current management team has successfully led the company for many years and will remain in charge of business operations also after INDUS acquires full control of the company, as will the local management teams in Asia, Canada and the UK who are all on long-term contracts.
Herbert Breit, the former main shareholder in the eltherm group, expressed his full satisfaction with the succession agreement reached: ‘We have opted to sell to INDUS because be wanted to partner with an investor with a long-term horizon and sufficient financial flexibility to support our company’s continued growth and, moreover, offers all benefits of belonging to a strong group.’
The transfer of control is to take retroactive effect from 1 January 2013 and is subject to cartel office approval.
Contact:
Regina Wolter
Corporate Communications & Investor Relations
Phone +49 2204 4000 70
E-Mail [email protected]
End of Corporate News
11.06.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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| Language: | English |
| Company: | INDUS Holding AG |
| Kölner Straße 32 | |
| 51429 Bergisch Gladbach | |
| Germany | |
| Phone: | +49 (0)2204 40 00-0 |
| Fax: | +49 (0)2204 40 00-20 |
| E-mail: | [email protected] |
| Internet: | www.indus.de |
| ISIN: | DE0006200108 |
| WKN: | 620010 |
| Listed: | Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
| - - - |
| 215903 11.06.2013 |
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