11/21/2019 6:30 a.m. CET
Heidelberger Druckmaschinen AG (Heidelberg) has sold its Hi-Tech Coatings division for coatings used by the packaging, labeling, and printing industries to Innovative Chemical Products Group’s (ICP Group) Industrial Solutions Group (ISG) division, a leading global provider of packaging, labeling, and specialty clear coatings based in Itasca, IL, USA. The divestiture is a part of Heidelberg’s initiative to focus on core activities and portfolio adjustments. With the sale, three sites and a total of around 60 employees will be transferred to ICP’s ISG division. The transaction also established a strategic partnership between Heidelberg and ICP Group to ensure Heidelberg’s future sales of its coating portfolio to its customers. The purchase price amounts to EUR 38.5 million. Heidelberg expects the transaction to generate non-recurring income of around EUR 20 million.
The final terms will be determined at the time of closing. Subject to customary closing conditions, the sale is expected to be effective in 2019.
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This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macroeconomic situation, in the exchange rates, in the interest rates, and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.
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