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The Executive Board of POLYTEC decided to sell the Interior segment regardless of the existing technological expertise in this area. The key motivation for this strategic decision is the unpromising perspective to reach a global footprint in a market that features high competitive pressure through a selective group of competitors with a global presence. After diligent examination of all viable alternatives POLYTEC´s Executive Board regards Toyota Boshoku as the most expedient buyer taking into account the various interests of shareholders, clients and employees.
At the same time POLYTEC is fully committed to expand its core business (i.e. the Exterior business, injection moulded products and engine components as well as motor compartment components and assemblies). Potential acquisition targets with a high strategic fit to POLYTEC´s core business are reviewed on an ongoing basis.
POLYTEC´s interior segment generated revenues of approximately 340 million EUR in 2010 with around 2,000 employees. The interior segment comprises 8 sites, of which 6 are located in Germany, one in South Africa and one in Poland. Main products include door panels, roof liners as well as pillar trim panels. The POLYTEC facility in Zaragoza, Spain, will not be sold.
The closing of the deal is contemplated for the end of June 2011. The transaction will have a positive one-off effect on POLYTEC´s group results within the single digit million EUR region and the equity ratio will amount to around 40 % and instead of net financial debt (37.8 million EUR as of March 31st 2011) POLYTEC will record a net financial cash position. The detailed impacts on the earnings and financial position of POLYTEC following the sale of its Interior segment will be reported as part of the group´s ordinary half year reporting on August 3rd 2011.
The disposal of the interior segment strengthens POLYTEC´s position in its core business and will lead to an increase in the group´s average operating margin. Furthermore management will gain essential flexibility to develop and expand the group according to POLYTEC´s long term strategy. About Toyota Boshoku group
Toyota Boshoku group, one of the world’s premium interior systems suppliers and filter manufacturers, develops and produces interior components, filtration and power train components at its 87 operation sites all over the world. During the fiscal period ending in March of 2011, Toyota Boshoku had sales of 8,696 million Euro (consolidated), and operating income of 325 million Euro, positioning it as the third largest interior manufacturer in the world, and the largest in Japan (according to internal research).
end of announcement euro adhoc
——————————————————————————– issuer: Polytec Holding AG
Linzer Straße 50
phone: +43 (0) 7221 / 701-0
FAX: +43 (0) 7221 / 701-0
sector: Industrial Components
indexes: ATX Prime
stockmarkets: official market: Wien
Further inquiry note:
Branche: Industrial Components
Index: ATX Prime
Börsen: Wien / official market