H+H has closed its acquisition of HeidelbergCement’s German and Swiss calcium silicate unit business
February 28 2018 - 7:34AM
H+H has closed its acquisition of HeidelbergCement’s German and
Swiss calcium silicate unit business
H+H International A/S and its subsidiary H+H Deutschland GmbH
have today closed the acquisition of HeidelbergCement’s German and
Swiss calcium silicate unit business, cf. company announcement No.
353, of 14 December 2017.
The acquisition is in line with the announced strategy of adding
complementary products to the product portfolio to strengthen H+H’s
position in the residential high-rise segment. “The strategic
acquisition has an excellent geographic fit with H+H’s present
business and will supplement H+H’s existing product offering in
Germany. This will also create a more balanced geographic footprint
and create a platform for further market consolidation” says CEO
Michael T Andersen.
Estimated 2017 sales is DKK 500 million with an EBITDA of DKK
100 million. The business employs approximately 200 full-time
employees.
As previously announced, the purchase price is DKK 818 million
(enterprise value). The purchase price has been paid in cash.
Transaction costs due in 2018 – including a special transfer tax
on real estate – are expected to be in the region of DKK 18
million. In addition, integration costs in the region of DKK 15-20
million are expected to be entered into the accounts in Q1 2018.
The amounts will be treated as a special item.
Further impact of the transaction will be communicated in
connection with the release of the annual report for 2017 on 14
March 2018.
Kent
Arentoft
Michael T AndersenChairman of the Board of
Directors
CEO
For further information please contact Michael T
Andersen, CEO, or Bjarne Pedersen, Vice President, Business
Development & IR, on telephone +45 35 27 02 00
Disclaimer This
announcement contains forward-looking statements. Such statements
are subject to risks and uncertainties, as various factors, many of
which are beyond the control of H+H International A/S, may cause
actual developments and results to differ materially from the
expectations expressed in this report.
H+H’s core activity is the manufacture and sale of
wall building materials, with a revenue in 2016 of DKK 1.6 billion.
The main product lines are aircrete and calcium silicate units used
for the residential new building segment. H+H has 21 factories in
Northern and Central Europe and Northwest Russia with a total
output of more than 3.5 million cubic meters of products annually
and has a leading position in most of its markets. H+H has around
1,200 employees and is listed on Nasdaq Copenhagen.
354 closing HeidelbergCement’s German and Swiss CSU business
acquisition
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