EQS-Adhoc

Conzzeta: Acquisition in FoamPartner business unit

EQS Group-Ad-hoc: Conzzeta / Key word(s): Takeover/Agreement Conzzeta: Acquisition in FoamPartner business unit 21-Jul-2017 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 KR Acquisition in FoamPartner business unit Conzzeta acquires Otto Bock Kunststoff Zurich, July 21, 2017 - Conzzeta announces the signing of a binding agreement for full acquisition of Otto Bock Kunststoff. Completion of the deal is expected in the second half of 2017, subject to regulatory approval.

Otto Bock Kunststoff, domiciled in Duderstadt, Lower Saxony (Germany), generated net revenue of around EUR 130 million in 2016 with a profitability that was above-average for Conzzeta. The number of employees at the end of 2016 was around 430 worldwide. The parties have agreed not to reveal the purchase price.

The high-quality foam materials, components and systems produced by Otto Bock are a good fit with Conzzeta's foam materials solutions in its FoamPartner business unit. The deal includes the takeover of all the shares in the joint venture between Otto Bock and FoamPartner, which the two companies have run on a 50-50 basis in China since 2005.

The business being acquired mainly comprises foams used in the automotive industry as interior linings for vehicles. The agreement will enable FoamPartner to improve its access to the market for its own specialties in the Mobility growth segment and become a global leader in polyurethane-based foam materials for modern mobility solutions. These are used for example in the car, truck and aviation industries for applications such as noise and thermal insulation, seals, damping and padding. Wide-ranging technical know-how is available for developing customized foam materials with special properties such as fire-retardant ultralight applications for energy-efficient vehicles. In the Living & Care market segment the portfolio of materials and products for business customers will also be extended. The restructuring of the existing joint venture in China will create the conditions to leverage the strong position there for further growth.