KLÖCKNER & CO AKTIENGESELLSCHAFT / PLANNED SALE OF SUBSIDIARY NAMASCO LTD., CANADA
- Spin-off of non-core activities
- Strategic focus on core business
Klöckner & Co Aktiengesellschaft intends to sell its Canadian subsidiary Namasco Ltd. The company today instructed an investment bank to start the sale process. Namasco Ltd. operates primarily in the area of processing flat rolled metal products for the North American automotive industry. Due to structural changes in this industry and the market trend over the past few years, this business could only be expected to perform well for the company if the relevant services were expanded to the US. However, the core business of the Klöckner & Co Group does not include activities of this nature with automotive related customers. In the future, Klöckner & Co will continue to focus on its core business in North America, the distribution of steel and metal, and systematically expand the business.
Namasco Ltd. is headquartered in Burlington, Canada. The company has approximately 400 employees and generated sales of around EUR 293 million in the 2006 financial year.
Issuer: Klöckner & Co SE, Am Silberpalais 1, D 47057 Duisburg
The shares of Klöckner & Co Aktiengesellschaft are admitted to trading on the official market segment (Amtlicher Markt) of the Frankfurt Stock Exchange with simultaneous admission to the sub-segment (Prime Standard) with further post-admission obligations. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576
