07/22/2020 19:31 p.m. CEST
Heidelberg concludes agreement to sell the Gallus Group to further focus on its core business
As part of its decision to focus on its core business, Heidelberger Druckmaschinen AG (Heidelberg) has signed an agreement to sell the German-Swiss Gallus Group to the Swiss packaging group benpac holding ag. On completion of the transaction, Gallus Holding AG, Gallus Ferd. Rüesch AG, Gallus Druckmaschinen GmbH, Heidelberg Web Carton Converting GmbH (WCC) and Menschick Trockensysteme GmbH, with a total of five sites in Germany and Switzerland and around 430 employees, will be transferred to benpac holding ag. The Gallus companies develop and produce conventional and digital narrow web presses for label printing and screen-printing plates. WCC provides high-end web offset printing solutions for folding carton printing.
With an agreed purchase price of some 120 million euros, Heidelberg is expecting the deal to generate earnings in the mid double-digit million-euro range. The parameters will be finalized at the time of closing. The sale, which still needs to be approved by the relevant bodies and is subject to other condition precedents, is set to take effect before the end of 2020.
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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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