Kendrion Completes Divestiture of Automotive Plastics Business

Following the previous press release of May 25th last, Kendrion announces that the agreement concerning the sale of Automotive Plastics to an international group has been signed on August 14th 2004. The divestment of Automotive Plastics is part of Kendrion’s strategy focused on specific core activities that yield a good return in the business-to-business markets, where it can achieve or already has leading niche positions, and to reduce its debt position. The proceeds of the transaction are approximately EUR 30 million. The transaction will result in a book loss of EUR 9.0 million, including operational losses until closing of the transaction, which is expected within the coming weeks. As announced earlier the disposal concerns activities located in Germany, Portugal, Spain and the Czech Republic, which have a turnover of EUR 240 million and employ 1,800 employees.

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Posted August 17th. 2004

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