KME signed an agreement to transfer the control of French and Italian tubes and copper rods businesses
22 Diciembre 2015 - 1:40AM
Italian Regulatory (Text)
Registered Office: 20121 Milan - Foro Buonaparte, 44 Shared
capital Euro 314,225,009.80 fully paid-up Tax Code and Milan
Companies Register no. 00931330583 www itkgroup.it
PRESS RELEASE
KME SIGNED AN AGREEMENT TO TRANSFER THE CONTROL OF FRENCH AND
ITALIAN
TUBES AND COPPER RODS BUSINESSES
KME AG, holding of the Copper business sector and wholly owned
subsidiary of Intek Group SpA, signed an agreement with Cupori Ltd.
for the sale of 60% of KME France S.A.S.' share capital, limited to
Givet and Niederbruck plants and the related activities
respectively in tubes (Givet) and copper rods (Niederbruck), as
well as the tubes activity carried out in the Italian plant of
Serravalle Scrivia, which is today a division of KME Italy S.p.A.
The transaction does not include other business divisions, plants
and assets presently held in KME France S.A.S. and KME Italy S.p.A.
The main target of the transaction is the creation of a solid
industrial player in the above mentioned sectors, mainly driven by
industrial synergies with Cupori OY, 100% owned by Cupori Ltd., and
by the significant labor costs optimization of KME France S.A.S.
negotiated in November with the French Unions jointly with Cupori.
Last June KME France S.A.S. had announced the Givet plant closure
and started the consultation procedure with French Unions about it.
The transaction with Cupori is therefore a satisfactory solution
for the KME Group, because it enables to start a new positive
development in France, avoiding the announced closure of Givet
plant by consequently keeping almost the current employment level.
KME will hold 40% of KME France S.A.S. share capital, that will
change its company name, subscribing proquota a share capital
increase of 10 million euro necessary to finance the restructuring
and future company development needs. A shareholders' agreement
will govern the relations between KME AG and Cupori Ltd. This
transaction involves over 600 employees, with an annual
consolidated turnover of around 270 million euro and is subject to
conditions precedent, including antitrust procedure.
*** This press release is available on the website www.itkgroup.it
through which it is possible to request information directly from
the Company (telephone: 02-806291; e-mail: info@itk.it) or through
the NIS-Storage system which is operated by BIt Market Services at:
www.emarketstorage.com.
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