Phoenix Mecano acquires majority stake in Asian production plant;
business volatile in Q4 2012
Kloten/Stein am Rhein, 21 December 2012. The Phoenix Mecano Group, a leading
technology company active in the fields of enclosures and industrial
components, is to acquire an 80% stake in Bond Tact Ltd. The Hong Kong-based
company, which specialises in the manufacture of electromechanical precision
components and has a production facility in Dongguan, China, will produce
tools, stamped and turned metal parts as well as plastic injection moulded
components for the Phoenix Mecano Group's ELCOM/EMS division in the coming
years. The purchase price in euro is in the low single-digit millions.
Phoenix Mecano may possibly fall short of the EUR 32-37 million operating
result (EBIT) after special costs, as forcast in the media release of 27
September 2012. Weaker-than-expected performance in the fourth quarter of
2012, increasing business volatility in recent weeks and likely impairment
losses at the upper end of the EUR 6-8 million range announced in September
for the restructuring of the photovoltaic components business are responsible
for this assessment, which was made by the Board of Directors at its meeting
today. In view of its free cash flow, which remains excellent, and its equity
ratio of over 60% of total assets, the Group will adhere to its
continuity-oriented dividend policy.
More information will be available on 15 February 2013, when the Group
publishes its provisional annual results for 2012.
For more information, please contact:
Phoenix Mecano Management AG
Benedikt Goldkamp, CEO
Tel.: +41 (0)43 255 4 255
Media release (PDF)
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