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Semperit AG Holding / Semperit and Sri Trang sign an agreement on the demerger of the joint venture Siam Sempermed
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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Joint Ventures/Cooperation/Collaboration
* Semperit will take over the joint Sempermed distribution company in
the USA as well as production companies of the Industrial Sector in
China * Sri Trang will take over the joint glove production in
Thailand * The Semperflex joint venture in Thailand will be continued
* Semperit will receive a compensation payment amounting to USD 167.5
million (approx. EUR 157 million) before taxes * Together with the
demerger, there will be a settlement of the arbitration proceedings
and the legal disputes by mutual agreement * There will be negative
special effects of approx. EUR 30 to 40 million in the consolidated
financial statements of 2016 * There will be positive special effects
of approx. EUR 100 to 115 million at closing in 2017
After approximately 27 years of cooperation, the Austrian Semperit
Group ("Semperit") and the Thai Sri Trang-Agro Industry Public Co Ltd
Group ("Sri Trang") have agreed on the termination of almost all
joint business activities. A corresponding agreement has been signed
today. This agreement provides for a takeover of the joint
distribution company in the USA (Sempermed USA) by Semperit. In
addition, Semperit will take over the previous Sempermed joint
venture companies in Singapore, China and Brazil as well as the
majority interest in the Malaysian Formtech (producer of ceramic
moulds for the glove production). The Sempermed brands will continue
to be owned solely by Semperit.
Sri Trang will take over the glove production of Siam Sempermed
Corporation Ltd (SSC) in Thailand, which has been operated jointly to
date.
In the Industrial Sector, Semperit will fully take over Semperflex
Shanghai with a hydraulic hose production site in China. With regard
to the Semperform business activities in China, Semperit will
increase its share from 90% to 100%. In Thailand, the joint venture
Semperflex Asia (SAC) will be continued. Here, Semperit on the one
hand and Sri Trang together with further partners on the other hand
each hold an unchanged share of 50% of the production for hydraulic
hoses in Hatyai/Thailand. Semperit will receive an option to take
over the remaining 50% of SAC for USD 60 million (approx. EUR 57
million) from the joint venture partners.
Within the framework of the termination of the joint ventures,
Semperit will receive a one-time compensation payment amounting to
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