GEA Group AG

M&A Activity • Jul 7, 2003

News Details

Ad-hoc | 7 July 2003 08:39

mg technologies AG english

mg technologies divests heavy structural steel engineering business Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– mg technologies divests heavy structural steel engineering business Effective June 30, 2003, mg technologies ag sold the Group’s heavy structural steel engineering business. It has been bought by investors with many years’ experience in this field. The buyers intend to continue the business as a going concern, so that the vast majority of jobs will be secured. In divesting these activities, the mg Group is withdrawing from a business that is not one of its core competencies and in the past has suffered heavy losses. mg will report a charge of around EUR20 million for this disposal in the current fiscal year, and will book the result arising from existing orders still outstanding. In 2001/2002, the heavy structural steel engineering business generated total sales of around EUR66 million and incurred losses of approximately EUR16 million. The business employed a staff of roughly 300. The disposal will not affect Claus Queck GmbH, Düren, which has been operating successfully in the structural steel engineering business for many years. This company, which employs a staff of roughly 100, has consistently been generating strong earnings on sales of approximately EUR30 million. end of ad-hoc-announcement (c)DGAP 07.07.2003 ——————————————————————————– WKN: 660200; ISIN: DE0006602006; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart; EUREX 070839 Jul 03