Jenoptik sells its space business
Proceeds will be used to further expand the global presence and significantly reduce net debt to below 100 million euros.
In the course of the consolidation of the European space market, the Jenoptik Group is selling all shares in its subsidiary Jena-Optronik GmbH, which is operating its space business, to a global leader in the aerospace industry. Agreement was reached today regarding all integral parts of the contract, and the contract was signed. The sale is inter alia subject to the condition precedent of the approval by the competent anti-trust authorities. The acceptance of the bid is the result of a bidding process in which several international aerospace companies participated. All 131 employees of Jena-Optronik GmbH will continue to be employed by the new owner. Both parties have agreed not to disclose the purchase price.
The cash inflows will considerably reduce the net debt of the Jenoptik Group to below 100 million euros. About 45 million euros of this amount are secured via long-term real estate loans. The liquidity inflows from the sale of shares in caverion GmbH in August as well as the active management of working capital and receivables also contribute to a reduction in net debt, which was still 159.5 million euros at the end of 2009. With this, the Jenoptik Group has created the basis for a secure future.
The cash inflows will serve to expand the global presence, particularly in North America and Asia, and to increase the profitability of the Group through selected major projects as well as targeted smaller acquisitions. The product portfolio and the value-added chain will also be rounded out. In addition, debt payments will be made ahead of schedule.
The space business contributed around 30 million euros to the sales of the Jenoptik Group in 2009. Until the end of the 3rd quarter 2010, contributions to sales and earnings of the space business remain a part of the Jenoptik Group consolidated financial statements. This means that there will be only little effect on contributions to sales and earnings in the 4th quarter 2010. In fiscal year 2010 sales of the Jenoptik Group are expected to come in at almost 500 million euros, the Group EBIT to be at least 25 million euros. The earnings forecast does not include any income from the sale of Jena-Optronik GmbH.
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