As part of the strategy to focus the FLS Industries Group's activities on the cement and minerals industries, an agreement was signed today to sell Motan Materials Handling GmbH to the German company Zeppelin GmbH. The agreement is subject to the approval of the German authorities.
Motan Materials Handling is part of the F.L.Smidth Group and produces and markets machinery and solutions for storage, conveying and blending of granulated, mainly synthetic materials. The company employs 55 people and its turnover in 2003 amounted to DKK 126m (EUR 17m). It is located in Germany with sales offices in USA and UK.
Group CEO Jørgen Huno Rasmussen comments the sale as follows:
- Motan Materials Handling's strong competencies and market position as a supplier to the chemical, plastics and car tyre industries excellently complement Zeppelin's engineering activities. By joining a dedicated materials handling group, Motan will be ideally placed to continue the gratifying development of its activities.
The sales price largely corresponds to the book value end consequently does not change the FLS Industries earnings prospects for 2004.
FLS Industries A/S
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