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Vossloh AG
M&A Activity • Aug 3, 2018
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M&A Activity
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News Details
Ad-hoc | 3 August 2018 13:36
Vossloh Aktiengesellschaft: Vossloh expands product portfolio in Australian growth market with the acquisition of the tie manufacturer Austrak
Vossloh Aktiengesellschaft / Key word(s): Mergers & Acquisitions
Vossloh Aktiengesellschaft: Vossloh expands product portfolio in Australian growth market with the acquisition of the tie manufacturer Austrak
03-Aug-2018 / 13:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Vossloh AG signed a contract today through its subsidiary Vossloh Australia Pty Ltd. with the international engineering enterprise Laing O’Rourke for the acquisition of the Australian rail infrastructure company Austrak Pty Ltd. (“Austrak”), thereby further expanding its position as a leading global rail infrastructure provider.
Austrak is the leading manufacturer of concrete ties in Australia. In several production facilities in various Australian states, the company produces switch ties and concrete elements for rail crossings in addition to track ties. The company headquarters is in Brisbane, which is located on the East Coast of Australia. In the 2017/18 fiscal year, which ended on March 31, 2018, Austrak generated sales of AUD 52.3 million (the equivalent of around EUR33.2 million). In the next few years, the Australian market will offer good growth opportunities for Vossloh, particularly in view of significant mining projects in Western Australia as well as major infrastructure projects on the East Coast.
The purchase price of the transaction as of the closing date is expected to amount to AUD 50.5 million (the equivalent of around EUR32.0 million) and can increase to a maximum of AUD 54.5 million (the equivalent of around EUR34.6 million) over the course of the next two years, depending on business development. The Supervisory Board of Vossloh AG has already approved the acquisition. Additional conditions must still be met for the acquisition to be completed. The transaction is above all still subject to merger control clearance by the Australian authorities. Closing is being aimed for in the third quarter of 2018.
In the future, Austrak will be part of the Tie Technologies business unit in the Core Components division.
Contact:
Vossloh Aktiengesellschaft
Investor Relations
Dr. Daniel Gavranovic
Phone: +49-2392-52-609
Mail: [email protected]
03-Aug-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | Vossloh Aktiengesellschaft |
| Vosslohstr. 4 | |
| 58791 Werdohl | |
| Germany | |
| Phone: | +49 (0)2392 52 – 359 |
| Fax: | +49 (0)2392 52 – 219 |
| E-mail: | [email protected] |
| Internet: | www.vossloh.com |
| ISIN: | DE0007667107 |
| WKN: | 766710 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of Announcement | DGAP News Service |