AUGSBURG, Germany, Jan. 25, 2005 (PRIMEZONE) -- As of January 2005, BOWE SYSTEC AG has acquired the majority of the U.S.-company BOWE Bell + Howell, as already announced in August last year. As agreed upon BOWE SYSTEC AG has taken over another 10% of the holding in the company from its North-American co-partners, now owning a 60% share of BOWE Bell + Howell. As a consequence the company will be fully consolidated from the current business year on. The agreement determines that the remaining shares held by the outside shareholders are to be acquired in annual tranches of 10% at mid-year. Thus the final take-over is expected for 2008.
Dr. Claus Gerckens, CEO of BOWE SYSTEC AG, sees this transaction as a further strengthening of the positive presence in America: "The acquisition of this majority enables BOWE SYSTEC to fully consolidate the U.S.-activities as of 2005, thus realizing a clear double-digit growth in its worldwide turnover." The turnover of BOWE Bell + Howell should contribute about U.S.-$400 million.
In addition the board of BOWE SYSTEC regards this changed situation in sharesholdings as a means to clearly enable an easier integration of the U.S. company into the BOWE SYSTEC Group. Especially in R&D, production as well as international sales and service there is a potential for further synergies. Additionally the product divisions of BOWE Bell + Howell include mail verification and sorting systems as well as scanners. They complement the BOWE SYSTEC product portfolio perfectly. As of 2006 these products are to be sold also outside the USA via the existing sales and service network of BOWE SYSTEC.
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BOWE SYSTEC AG
The Board