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[March 2004]
Sanitec to Focus on Core Business
Sanitec Corporation has signed an agreement with the French Zodiac Group to divest its Evac Environmental Solutions business. The debt free purchase price is €60 million, payable in cash by the Zodiac Group. Sanitec intends to use the net proceeds from the transaction for early repayment of its senior bank debt.
The transaction will, says Sanitec, allow it to focus on its core business as a leading European provider of bathroom solutions. Evac's net sales in 2002 were around €70 million and the company employs 260 people, mainly in the USA, Germany and Finland. It joined Sanitec Group in 1979 and since 2000 it has been one of the three Sanitec business segments, along with the core businesses Bathroom Ceramics and Bath and Shower Products.
In 2002, Sanitec's net sales amounted to €985.4 million and the group employs a total of around 8,000 people. The company is the largest or second largest supplier in all of its main markets. Most of the 30 production plants are in Europe whereas the sales and marketing network operates world-wide.
www.sanitec.com
ENDS