Correction and integration of the press release issued this morning related to transfer of French and Italian tubes and coppe...
22 Dicembre 2015 - 11:14AM
Annunci Borsa (Testo)
Registered Office: 20121 Milan - Foro Buonaparte, 44 Shared
capital Euro 314,225,009.80 fully paid-up Tax Code and Milan
Companies Register no. 00931330583 www itkgroup.it
PRESS RELEASE
KME SIGNED AN AGREEMENT TO TRANSFER THE CONTROL OF FRENCH AND
ITALIAN
TUBES AND COPPER RODS BUSINESSES
KME AG, holding of the Copper business sector and wholly owned
subsidiary of Intek Group S.p.A., signed an agreement with Cupori
Ltd. for the sale of 60% of KME France S.A.S.' share capital. At
the date of transfer the company's assets shall consist of Givet
and Niederbruck plants and the related activities respectively in
tubes (Givet) and copper rods (Niederbruck), as well as the tubes
activity carried out in the Italian plant of Serravalle Scrivia,
which is today a division of KME Italy S.p.A. Before transfer date
all the other activities carried out by KME France S.A.S. in the
rolled business shall be transferred to other KME Group companies
and will not be included in the Cupori transaction. The main target
of the transaction is the creation of a solid industrial player in
the above mentioned sectors, mainly driven by industrial synergies
with Cupori OY, 100% owned by Cupori Ltd., and by the significant
labor costs optimization of KME France S.A.S. negotiated in
November with the French Unions jointly with Cupori. Last June KME
France S.A.S. had announced the Givet plant closure and started the
consultation procedure with French Unions about it. The transaction
with Cupori is therefore a satisfactory solution for the KME Group,
because it enables to start a new positive development in France,
avoiding the announced closure of Givet plant by consequently
keeping almost the current employment level. The above mentioned
transfer of 60% of KME France S.A.S. share capital will be carried
out at a symbolic value because of the heavy losses generated in
the past by the concerned businesses. KME will hold 40% of KME
France S.A.S. share capital, that will change its company name,
subscribing pro-quota a share capital increase of 10 million euro
necessary to finance the restructuring and future company
development needs. A shareholders' agreement will govern the
relations between KME AG and Cupori Ltd. This transaction involves
over 600 employees, with an annual consolidated turnover of around
270 million euro and is subject to conditions precedent, including
antitrust procedure.
*** This press release is available on the website www.itkgroup.it
through which it is possible to request information directly from
the Company (telephone: 02-806291; e-mail: info@itk.it) or through
the NIS-Storage system which is operated by BIt Market Services at:
www.emarketstorage.com.
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