GEA Group AG

M&A Activity • Nov 7, 2005

News Details

Ad-hoc | 7 November 2005 23:00

GEA Group AG: GEA Group AG sells Dynamit Nobel Kunststoff to Plastal

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Bochum, November 7, 2005: The GEA Group, Bochum, has sold its automotive supplier Dynamit Nobel Kunststoff (DNK), which is based in Weissenburg, Bavaria, to the Plastal Group, an automotive supplier headquartered in Kungälv, Sweden. The agreed enterprise value comes to EUR 350 million and is 4.3 times DNK’s EBITDA for 2004. The disposal of DNK is the result of a bidding process and is subject to approval by the antitrust authorities. In the GEA Group’s consolidated financial statements (according to IFRS) at December 31, 2005, this transaction will give rise to an overall loss on discontinued operations, probably in the order of between EUR -165 million and EUR -175 million, taking into account the expected net profit of DNK. A loss of EUR -169 million will be reported for DNK at September 30, 2005. In the annual financial statements of GEA Group AG, prepared in accordance with German generally accepted accounting principles (HGB), this loss will probably be restricted to between EUR -35 million and EUR -45 million. The financial leeway of GEA Group will improve with the closing of the transaction by around EUR 190 million. GEA Group Aktiengesellschaft Dorstener Straße 484 44809 Bochum Deutschland ISIN: DE0006602006 (MDAX) WKN: 660200 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Hannover und Stuttgart End of ad hoc announcement (c)DGAP 07.11.2005