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[January 2005]
SGL Carbon Divests Surface Protection Business; Keramchemie Included
SGL Carbon AG (Wiesbaden, Germany) announced on 6 January 2005 the sale of its shares in SGL Acotec GmbH to the Munich based investment company ADCURAM Industriekapital AG. SGL Acotec had been responsible for SGL Carbon's surface protection business. The divestiture will eliminate consolidated sales of approximately 120 million based on preliminary figures for 2004.
In the context of this share deal, the financial investor specialised in the acquisition of medium-sized companies is acquiring some 1,400 employees as well as assets and liabilities including pension obligations totalling approximately 30 million. Adcuram will continue the business in private ownership and further establish the internationally known brand names HAW Linings and Keramchemie.
As a result of the sale, SGL Carbon AG will book a non-cash write-down of approximately 58 million which includes already capitalised deferred tax assets.
Due to the decline of the balance sheet total resulting from the sale, the equity ratio, however, will remain virtually unchanged at 24% following the completion of the transaction based on a proforma calculation. The company said that its earnings potential would be favourably impacted by focusing on its core businesses. Based on the expected results for 2004, the divestiture will improve earnings per share by approximately 0.27.
ENDS