Capital market-relevant press releases, 2003-10-07, 02:00 AM
Novoferm sold to Japanese Sanwa Shutter Corp.
Earlier this year ThyssenKrupp already announced its intention to sell the Novoferm, a leading European manufacturer of steel doors, door frames, garage doors and industrial doors as part of its active portfolio management. Novoferm is part of the ThyssenKrupp Technologies segment and has some 2,200 employees and total sales of approx. 330 million euros.
ThyssenKrupp has today reached agreement with Sanwa Shutter Corp. regarding the sale of 100 % of the share capital of Novoferm. The agreed selling price is 167 million euros, which equals a transaction value of 187 million euros including minority interests and pensions.
Tokyo-based Sanwa Shutter Corporation was founded in 1956 and is a leading manufacturer of door systems and related building products. The company is listed on the Japanese stock exchange.
In 1996 Sanwa Shutter acquired Overhead Doors Corp. in the USA which is a manufacturer and distributor of garage doors and industrial sectional doors. In 2002 the Sanwa Shutter group had around 6,600 employees in Asia and the USA and generated sales of some 2 billion US dollars.
The acquisition of Novoferm will give Sanwa Shutter Corp. a presence in Europe and the opportunity to strengthen its position on the world market. Sanwa Shutter Corp. has currently no activities in Europe and therefore there are no overlaps with Novoferm. Novoferm currently has 15 European production sites and one production location in Korea.
Already since the merger between Thyssen and Krupp in 1999, companies with sales of 2.6 billion euros have been divested and businesses with sales of 4 billion euros have been acquired. Further divestitures with sales of around 7 billion euros are planned. Through organic growth and selective strategic acquisitions, ThyssenKrupp aims to achieve total sales of 40 to 46 billion euros in the medium term.
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