Masterflex AG / Disposal/Miscellaneous
19.10.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc disclosure in line with section 15 WpHG
Masterflex AG sells subsidiary Angiokard Medizintechnik GmbH & Co. KG
Focus on High-Tech Hose Systems core business intensified
Gelsenkirchen, 19 October 2009. Masterflex AG has concluded a contract for
the disposal of its subsidiary Angiokard Medizintechnik GmbH & Co. KG.
The additional inflow of liquidity means that the Company's consolidated
net debt will fall to EUR47.2 million. Masterflex AG has thus already
reduced its debt by EUR10.8 million, respectively just under 20 per cent,
within one year.
The rigorous disposal of non-core activities which do not have synergies
with the core business, as well as cash flow in the profitable core
business and stringent cost management within the Group, have made a
significant contribution to reducing debt. In line with international
accounting standards (IFRS), EUR3.5 million is to be written down on a
one-off basis as a result of the deconsolidation.
The contract was concluded subject to the usual conditions, e.g. approval
by the anti-trust authorities. The transaction is scheduled to be completed
towards the end of 2009.
With this disposal, Masterflex AG is pressing ahead with its focus on the
profitable High-Tech Hose Systems core business. Rigorously reducing the
past high level of debt is an important criterion for achieving this and is
coordinated closely with Masterflex AG's financing partners. In addition,
the step further reduces the Group's complexity and ensures the
sustainability of the Company.
Angiokard is a manufacturer of medical kits and has been part of the
Masterflex Group since 2000. In 2008, Angiokard generated revenue of
EUR14.9 million.
For further information: Masterflex AG, Investor Relations,
Willy-Brandt-Allee 300,D-45891 Gelsenkirchen, Germany,
stephanie.kniep@masterflex.de, Tel. +49 20997077 44
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Information and Explaination of the Issuer to this News:
Explanatory text:
The plan for further measures for the strategic realignment of Masterflex
AG also includes examining the possibility of selling other non-core
activities. The Executive Board of Masterflex AG is currently planning the
possible implementation of these steps within a timeframe of up to two
years.
Overall, Masterflex AG has broadened its scope. Dr. Andreas Bastin, CEO of
Masterflex AG, comments: 'After having secured financing for Masterflex AG
and now agreed the sale of Angiokard, we can again focus rigorously on the
operational and strategic expansion of our core business. Our target is
international leadership in our defined specialised markets. To this end,
we intend firstly to continue developing our strong innovative capability
with new types of product, with a particular focus on new materials and new
applications. In 2010, we will bring around a dozen product innovations
onto the market. Secondly, we are continuing to press ahead with
internationalisation so that we can tap into the markets in the many 'blank
spaces' on the map. The leveraging of the Scandinavian market which was
begun in spring this year, as well as the continued very encouraging
development in the USA, serve to highlight our transnational growth
potential and demonstrate that the measures we have implemented are the
right ones.'
For further information: Masterflex AG, Investor Relations,
Willy-Brandt-Allee 300,D-45891 Gelsenkirchen, Germany,
stephanie.kniep@masterflex.de, Tel. +49 20997077 44
19.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: Masterflex AG
Willy-Brandt-Allee 300
45891 Gelsenkirchen
Deutschland
Phone: +49 (0)2099 70 77-44
Fax: +49 (0)2099 70 77-20
E-mail: stephanie.kniep@masterflex.de
Internet: www.masterflex.de
ISIN: DE0005492938
WKN: 549 293
Indices: Prime all share
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Masterflex AG sells subsidiary Angiokard Medizintechnik GmbH & Co. KG
| Source: EQS Group AG