Invensys sells Hansen Transmissions for €132 million
Posted 19 May 2004Invensys sells Hansen Transmissions for €132 million
Invensys plc announces that it has signed an agreement to sell its Hansen Transmissions business to Allianz Capital Partners GmbH for a gross cash consideration of €132 million.
Hansen Transmissions is a manufacturer of gearboxes and drive-trains focusing particularly on gearboxes for wind turbines and on industrial gearboxes for a wider range of applications such as material handling, water treatment and pulp and paper processes. In the year ended 31 March 2004, the business reported sales of £88 million and operating profit1 of £2 million. The net operating assets of Hansen Transmissions which are the subject of the disposal were £111 million at 31 March 2004.
The transaction is expected to complete by the end of July. Proceeds from this disposal will be applied towards satisfying the Group’s liabilities.
The sale of Hansen Transmissions is conditional upon, among other things anti-trust clearance.
Chief Executive Rick Haythornthwaite said,
"The disposal of Hansen Transmissions is another successful step towards the creation of an Invensys made up of six attractive retained businesses, and the further reduction of our debt."
For more information please contact:
Invensys
Victoria Scarth / Mike Davies + 44 (0) 20 7821 3755
Brunswick
Nick Claydon / Mike Smith +44 (0) 20 7404 5959
About Invensys plc
Invensys is a global automation, controls and process solutions Group. Our products, services, expertise and ongoing support enable intelligent systems to monitor and control processes in many different environments. The businesses within Invensys help customers in a variety of industries - including hydrocarbons, chemicals, oil and gas, power and utilities, rail, telecommunications, paper, food and beverage, dairy, pharmaceuticals and personal care - to perform with greater efficiency, safety and cost-effectiveness.
Process Systems provides products, services and solutions for the automation and optimisation of plant operation in the process industries. Eurotherm is a leading supplier of control and measurement instrumentation solutions and services to industrial and process customers. APV specialises in process equipment engineered into systems and asset services for food, beverage, personal care, pharmaceutical and chemical clients. Rail Systems is a multinational leader in the design, manufacture, supply, installation, commissioning and maintenance of safety-related rail signalling and control systems. Climate Controls is a major provider of the components, systems and services used across the world to make commercial and residential environments safer, more comfortable and more efficient. Appliance Controls has the broadest system and component offering for the appliance industry worldwide.
The Invensys Group is headquartered in the UK and listed on the London Stock Exchange. With 39,000 employees operating in 60 countries, Invensys helps customers to improve their performance and profitability, building value for end users and shareholders alike.
About Hansen Transmissions
Hansen Transmissions is a manufacturer of gearboxes and drive-trains focusing particularly on gearboxes for wind turbines and on industrial gearboxes for a wider range of applications such as material handling, water treatment and pulp and paper processes. Hansen has a global support network with industrial sales, assembly and service centres in the UK, US, South Africa and Australia, as well as dedicated sales forces in Europe which focus on customers for its industrial gearboxes.
About Allianz Capital Partners
Allianz Capital Partners GmbH (ACP) was founded in 1998. The company is responsible for direct investments in the area of private equity within the Allianz Group. As an independent financial investor, ACP focuses in particular on the provision of individual solutions for financial issues relating to unlisted companies, company shareholders, and management teams for purposes of financing growth, acquisition finance and ownership restructuring. ACP provides customized financing instruments from mezzanine to shareholders' equity.