Ringmetall acquires manufacturers of round bottom bags and form inliners
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Ringmetall Aktiengesellschaft / Key word(s): Takeover/Investment Ringmetall acquires manufacturers of round bottom bags and form inliners Munich, 28 November 2018 - The Management Board of Ringmetall AG today reached an agreement on the takeover of Nittel Halle GmbH from the owner of the company. Based in Halle an der Saale, Germany, the company manufactures a total of more than 4,000 different types of inner casings for industrial drums, in particular round bottom bags and form inliners. Currently, the company produces around 10 million inner linings per year, generating annual sales of around 13 million euros with approximately 140 employees. The EBITDA margin is slightly below the Group level of the Ringmetall Group. In addition to the production site in Halle and the sales location in Raunheim, Ringmetall AG also acquires shares in the foreign companies in France (Nittel SARL, 80%), the Netherlands (Nittel BV, 50%) and the UK (Nittel UK Ltd, 50%). ). The acquisition is planned for January 1, 2019 and will be financed primarily from cash and cash equivalents. Refinancing via additional equity is not planned. The transaction costs will total approximately EUR 0.7 million and will be recognized in full in the current financial year. The involved parties have agreed not to disclose the amount of the purchase price. The Management Board of Ringmetall AG assesses the acquisition of Nittel as an initial acquisition in a related area of the current product portfolio. The company will short-term be fully integrated into the Industrial Packaging division. Investments in the further growth of Nittel as well as further acquisitions of companies with similar positioning are planned. Further details on the acquisition and its alignment with the current corporate strategy will be discussed by the Management Board tomorrow, Thursday, November 29, 2018, at 17:30 CET in a conference call for analysts, institutional investors and journalists. The registration is done by e-mail via Ms. Anja Brabec (brabec@ringmetall.de).
Contact: Ingo Middelmenne Phone: +49 (0)89 45 220 98 12 Information and Explanation of the Issuer to this News: About Ringmetall Group Ringmetall is an internationally leading specialist in the packaging industry. The Industrial Packaging business segment offers highly secure gasket and locking systems for the chemical, the petrochemical and the pharmaceutical industry as well as the food industry. The Industrial Handling business segment develops application-optimized vehicle accessory parts for the handling and transport of packaging units. Besides its headquarters in Munich, Ringmetall has worldwide production and sales subsidiaries in Germany, Great Britain, Spain, Italy, Turkey, the Netherlands, as well as in China and the USA. On a global scale, Ringmetall generates revenues of around EUR 100 million per year.
28-Nov-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Ringmetall Aktiengesellschaft |
| Innere Wiener Str. 9 | |
| 81667 Munich | |
| Germany | |
| Phone: | 089 / 45 22 098 - 0 |
| Fax: | 089 / 45 22 098 - 22 |
| E-mail: | info@ringmetall.de |
| Internet: | www.ringmetall.de |
| ISIN: | DE0006001902 |
| WKN: | 600190 |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange |
| End of Announcement | DGAP News Service |