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Kendrion N.V. — Capital/Financing Update 2005
Oct 3, 2005
3857_iss_2005-10-03_6885f7b7-f92f-44b6-a0cb-2e7f794862b8.pdf
Capital/Financing Update
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KENDRION
PERSBERICHT KENDRION N.V.
Agreement reached about disposal Kendrion Fastening
Kendrion N.V. announces that it reached an agreement with the Swedish company Credelity Capital AB about the disposal of Kendrion Fastening under conditional approval by the usual institutions. Kendrion Fastening consists of four companies in Sweden and has a turnover of EUR 30 million and 125 employees. The activities are focused on trade and production of fasteners.
This disposal fits Kendrion's strategy, aimed at niche market leadership in selected business to business markets. As a result of this disposal Kendrion can further focus on its activities.
With the disposal of Kendrion Fastening a book profit of approximately EUR 7 million is realised. This book profit will be incorporated in the fourth quarter results 2005. This transaction leads to further reduction of debts with an amount of approximately EUR 17 million as well as strengthening of the solvency of Kendrion N.V.
Kendrion expects to finalise the actual transfer of Kendrion Fastening shares to Credelity Capital within a few weeks.
Danske Market, Corporate Finance and PhiDelphi Corporate Finance have acted as financial advisors to Kendrion on this transaction.
Profile Kendrion N.V.
Kendrion N.V. is an international company, which has approximately 2,700 employees in 17 European countries, Hong Kong and China.
Kendrion aims at niche market leadership in business to business markets. Kendrion develops high quality industrial components and provides services in the field of plastic semi-manufactures. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion.
Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime.
Zeist, 3 October 2005
The Executive Board of Kendrion N.V.
For additional information:
Kendrion N.V. Mr P. Veenema Utrechtseweg 33 3704 HA ZEIST Tel: +31 - (0)30 - 699.72.50 Fax: +31 - (0)30 - 695.11.65 Website: www.kendrion.com