Corporate | 17 March 2008 08:30
STEICO Aktiengesellschaft / Acquisition/Acquisition
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STEICO AG acquires French plant for wood fibre insulation boards
• Expansion of capacity for ecological wood-fiber insulation materials
• Reinforcement of market position and ability to compete in core business
• Continuation of growth strategy on the dynamic French market
Feldkirchen near Munich, March 17, 2007 – STEICO AG, a company listed in
the Frankfurt Stock Exchange's Entry Standard, has acquired a 100% interest
in the French manufacturer of wood-fiber insulation materials 'Isoroy
Casteljaloux SAS' via its French subsidiary. STEICO leads the European
market for ecological insulation materials and currently has production
operations at two plants in Poland. This acquisition reinforces the
company's position as a system provider for ecological construction
products on the fast-growing French market – in consistent continuation of
its expansion in Europe. The Managing Board believes that this acquisition
will lead to a substantial increase in revenues for the production facility
this year.
The established French plant (2007: revenues of EUR 15.3 million, EBIT of
EUR 0.9 million, around 80 employees) will be used for the production of
ecological insulation materials within the expanding STEICO Group. The
production facility is able to produce an extensive range of 'wet-method
wood-fiber insulation materials'. As a result, this acquisition will give
STEICO new sales channels on the fast growing French market as well as in
Spain and Portugal. The acquired company has an extensive product range
which can be seamlessly integrated into STEICO's brand and quality system.
The production facility has a site with about 34ha, which offers potential
for future expansion.
This acquisition forefronts STEICO's further expansion of the plant.
Wide-ranging expansion of capacities is planned for the current year. The
STEICO Group believes that this will clearly optimize production and slash
costs.
The acquisition of the French facility underscores the STEICO Group's
efforts to reinforce its regional presence on key high-growth markets. In
addition, the company believes that proximity to the market will optimize
its sales and logistics and cut lead times.
The purchase price will be fully paid from the proceeds from STEICO AG's
IPO last year. The parties have agreed not to disclose the purchase price.
* * *
Company profile:
The STEICO group of companies develops, produces and sells ecological
construction products made of renewable materials. The company leads the
European market for wood-fiber insulation materials with a market share of
more than 35%. The company also enjoys top rankings for its highly
effective cost structure and its research and development activities, which
are located in Germany. The Group's new products 'Hemp insulation
materials' and 'I-joists' as construction elements for residential
construction mean that it has grown to become a system provider for
ecological construction products. The production of natural fiber boards
(NFB) as components for the I-joists rounds off STEICO's vertical
integration, which is unique within the industry. The Munich-based
company's products are successfully used in home building for floors,
walls, ceilings and roofs.
The STEICO Group plans to continue the sales and profits growth it has
enjoyed in the past few years thanks to its clear strategic orientation.
The strategic plans focus on existing and new products, including for new
customers. The funds from the IPO in June 2007 have enabled the company to
further bolster the Group's solid foundations and also to accelerate its
growth. STEICO AG's success is set to continue – right on target.
Contact:
Andreas Schulze
STEICO Aktiengesellschaft
Hans-Riedl-Strasse 21
85622 Feldkirchen
Fon: +49-(0)89-99 15 51-48
Fax: +49-(0)89-99 15 51-97
E-Mail: schulze@steico.com
www.steico.com
17.03.2008 Financial News transmitted by DGAP
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Language: English
Issuer: STEICO Aktiengesellschaft
Hans-Riedl-Str. 21
85622 Feldkirchen
Deutschland
Phone: +49 - (0)89 - 99 15 51 - 0
Fax: +49 - (0)89 - 99 15 51 - 99
E-mail: info@steico.com
Internet: http://www.steico.com
ISIN: DE000A0LR936
WKN: A0LR93
Listed: Freiverkehr in Berlin, Düsseldorf, München; Entry Standard in
Frankfurt
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