Christ Water Technology Group plans to sell its pharmaceutical water activities to the BWT Group, thereby considerably improving its financial position. The total transaction volume of over 35 million Euro will lead to a substantial reduction in financial liabilities, an improved gearing to approx. 50% and an increase in the equity ratio to approx. 25 %.
“This strong re-focussing of the CHRIST Group to the industrial and municipal project engineering business allows us to use our own strengths to regain the financial capacity needed to lead us successfully through the current challenging economic situation and make profitable use of the sustainable growth opportunities we see in water technology“, says Malek Salamor, CEO of the Christ Water Technology Group.
The sale of the Pharma and Life Science business includes the pharmaceutical water activities and a 49% stake in the biopharma and bioprocess technology provider Zeta. Once the transaction is completed, the number of employees within the CHRIST Group will be around 950 and the consolidated annual turnover around 200 million Euro. The transaction is expected to be realised with the consent of the extraordinary general assembly of Christ Water Technology AG and BWT AG, planned to be held first half of August 2009 and is subject to both general assembly approvals as well as the anti-trust agency approval. Closing is expected by 30.09.2009.
The remaining business activities of CHRIST Group will lead to a concentration on the technology-oriented project engineering and service business in the industry segments microelectronics, solar industry and distinctive process water technologies and the increasingly important issues in the Green-Tech sector industrial waste water/re-use and municipal drinking- and waste water treatment as well as sea water desalination. Further strategic alliance opportunities are currently being examined.
Malek Salamor: “With the impressive range of skills of our highly-qualified staff from drinking water, waste water and process water to ultra-pure water solutions for the semiconductor industry, CHRIST now has the financial resources for a bright future in water technology and we are going to prove that this future will also be profitable for our investors“.
Contacts:
CHRIST WATER TECHNOLOGY AG, A-5310 Mondsee, Walter-Simmer-Str. 4
Ralf Burchert, Investor Relations & Corporate Communication
Tel. +43 (0)6232 5011 1113, Fax +43 (0)6232 5011 1109,
E-mail: ralf.burchert@christ-water.com