Aurubis AG: Aurubis AG executes term sheet with Wieland-Werke AG regarding the sale of Segment Flat Rolled Products
Aurubis AG executes term sheet with Wieland-Werke AG regarding the sale of Segment Flat Rolled Products
Hamburg, February 12, 2018 - Aurubis AG, Hamburg, is in advanced negotiations regarding the sale of the Segment Flat Rolled Products to Wieland-Werke AG, Ulm. Today the parties signed a term sheet, which governs key aspects of a possible transaction. In addition, this also governs a possible purchase contract, the details of which are yet to be negotiated. The term sheet is subject to approval by Aurubis AG's Supervisory Board, which in principle views the enterprise positively.
The Executive Board sees the completion of the term sheet as an important intermediate step towards further negotiations and the sale. The transaction would be subject to the usual conditions, especially approval by antitrust authorities.
With the sale, Aurubis AG would leave the strip business completely. This step would be in accordance with Aurubis' new strategic focus.
Segment Flat Rolled Products includes production sites in the USA, the Netherlands, Finland and Germany, the slitting centers in Slovakia, Italy and Great Britain, as well as a global sales network. Additionally, the 50 % stake in Schwermetall Halbzeugwerk GmbH & Co. KG belongs to this segment; the other 50 % is already held by Wieland-Werke.
In fiscal year 2016/17, the segment produced approximately 230,000 t of copper and alloyed products, and employed around 1,740 people. Approximately 300 more employees work at Schwermetall. In fiscal year 2016/17, revenue amounted to approximately EUR 1.3 billion. Schwermetall additionally generated revenue of around EUR 330 million.
12-Feb-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Aurubis AG Hovestrasse 50 20539 Hamburg
Germany Phone: +49 (0)40 / 78 83 - 31 78 Fax: +49 (0)40 / 78 83 - 31 30 E-mail: firstname.lastname@example.org Internet: www.aurubis.com ISIN: DE0006766504 WKN: 676650 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange End of Announcement DGAP News Service
653559 12-Feb-2018 CET/CEST