Metall Zug and Miele create joint venture in Infection Control and Life Science area - Belimed and Steelco bundle forces

Metall Zug AG / Key word(s): Joint Venture Metall Zug and Miele create joint venture in Infection Control and Life Science area - Belimed and Steelco bundle forces 28-Nov-2023 / 06:30 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Zug, November 28, 2023 – Metall Zug and Miele have signed an agreement under which Metall Zug will contribute Belimed AG and Belimed Life Science AG, and Miele will contribute the Steelco Group into a new joint venture to be established. Metall Zug will participate in the joint venture based in Zug with 33% and Miele with 67%.

Metall Zug will contribute its Business Unit Infection Control and the Belimed Life Science Group, and Miele will contribute its Steelco Group, into a new joint venture to be established in Zug, Switzerland. Metall Zug will receive a 33% stake in the joint venture. The joint venture will be jointly managed, with Metall Zug providing two out of the five board members. Operational management is intended to be carried out by a composite team with representatives from Belimed, Steelco and Miele. A shared brand identity is planned for the future, which will take into account the roots of both companies.

 

The transaction is subject to the approval of the relevant authorities. The approval of the authorities is expected in the first half of 2024.

 

Background and market environment

The global healthcare and life science market has become one of the fastest growing industries worldwide in recent years. Demand for equipment, services and chemicals for the cleaning, sterilization and disinfection of medical and surgical instruments and of pharmaceutical products has grown. This is mainly due to the increasing number of medical surgeries and the increased requirements for hygiene standards in hospitals and laboratories. Life Science is further benefiting from the continued re-shoring of pharmaceutical manufacturers and capacity expansions in the production of vaccines and cancer medications.