As part of the Focus Plan launched in August 2004, Brødrene Hartmann A/S today sold Skjern Papirfabrik A/S to the local management of Skjern Papirfabrik A/S and a local external investor.
The sales price of the company corresponds to the company's capital and reserves at the end of FY 2004, totalling approx. DKK 40 million after the payment of dividend, and will be paid in cash.
Skjern Papirfabrik A/S has 75 employees, annual revenues in the range of DKK 130 million and an operating profit of around DKK 6 million. As a consequence of the sale of Skjern Papirfabrik A/S, Hartmann's forecast for 2005 will thus be adjusted with the above amounts to include revenues in the range of DKK 1,470 - 1,520 million and an operating profit of approx. DKK 44 million.
The net profit forecast of the Group for 2005 will not be affected by the sale of Skjern Papirfabrik A/S and remains unchanged at approx. DKK 25 million.
As previously announced, it was material for Hartmann to find a solution that enables Skjern Papirfabrik A/S to develop as a sound business. The agreement now signed ensures a strong, local ownership for the company, thereby amply fulfilling the above requirement.
Brødrene Hartmann A/S
Asger Domino Michael Hedegaard Lyng
President & CEO CFO
The press release can be downloaded from the following link:
