TAKKT AG — M&A Activity 2005

Nov 11, 2005

News Details

Ad-hoc | 11 November 2005 18:29

TAKKT AG:TAKKT AG buys US market leader in office furniture mail order

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Portfolio further optimised with US acquisition TAKKT AG buys US market leader in office furniture mail order TAKKT AG, Stuttgart, is expanding its presence in the US office furniture market. The leading B2B mail order company for office, business and warehouse equipment in Europe and North America will be taking over the business of the National Business Furniture (NBF) group at the beginning of January 2006. Subsequent to the approval by the Supervisory Board of TAKKT AG on 4 November 2005 (see ad hoc disclosure as of 4 November 2005), K + K America Corporation, a group company of TAKKT AG, signed today a respective purchase agreement which requires the approval of the competent cartel authorities. The purchase price is USD 82 million (approx. EUR 70 million). The NBF group is North America’s market leader in the office furniture mail order segment. NBF is based in Wisconsin and operates five brands. National Business Furniture generates the greatest proportion of total turnover. This core brand sells traditional US office furniture to a broad range of companies. The Alfax and Dallas Midwest brands mainly focus on non-profit-organizations such as schools, universities and public authorities. OfficeFurniture.com and FurnitureOnline.com are also part of the group and only sell their products online. The NBF product range consists of more than 11,000 articles. In 2004 the NBF group achieved sales of approx. USD 114 million, which represents more than 8 percent growth over the prior year. In 2005 10 percent sales growth is expected. The EBIT margin of the NBF group in 2004 was a good 4 percent. In 2005 approx. 5 percent is expected. TAKKT can finance the acquisition with existing credit lines. TAKKT AG Presselstr. 12 70191 Stuttgart Deutschland ISIN: DE0007446007 (SDAX) WKN: 744600 Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf und München End of ad hoc announcement (c)DGAP 11.11.2005