EMS takes over the automotive supplier EFTEC worldwide
October 09, 2007 | by EMS-Chemie AG
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October 09, 2007, The EMS Group, with global activities in the business areas Performance Polymers and Fine Chemicals / Engineering and with its companies combined in EMS-CHEMIE HOLDING AG, takes over the automotive supplier EFTEC. With this acquisition, EMS further expands its Performance Polymers business area.
EFTEC, a worldwide supplier to the automotive industry, develops, manufactures and sells materials as well as application technologies in the special areas of bonding, coating and sealing, and holds a good market position with these applications. EFTEC turnover amounted to CHF 369 million in 2006 with 728 employees at 23 locations in 18 countries. Previously, EMS held the following participations in EFTEC: 30% of EFTEC America, 70% of EFTEC Europe and 60% of EFTEC Asia. Following the takeover, EMS will control the worldwide EFTEC business and for this purpose, will acquire the shares held by the H.B. Fuller Company, namely 70% of EFTEC America, 30% of EFTEC Europe and 20% of EFTEC Asia at a purchasing price of USD 80 million. This purchasing price can be smoothly financed from EMS' own liquidity. Transfer of ownership will take place as soon as the competition authorities have given approval.
This transaction will have an effect on the consolidation scope of the EMS Group through the full consolidation of EFTEC America and by the discontinuation of the minority stakes of H.B. Fuller in EFTEC Europe and EFTEC Asia. The acquisition will not yet have a significant financial influence on the consolidation scope of the EMS Group for 2007.
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Conclusion of this article: « EMS takes over the automotive supplier EFTEC worldwide »
Source: EMS-Chemie AG, Press release