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Acting through its Swiss subsidiary Debrunner Koenig Holding (DKH), Klöckner & Co AG has signed a contract to sell Koenig Verbindungstechnik (KVT) to private equity company Capvis. The sale price totals approximately €325 million, resulting in a book profit after taxes of about €265 million. The transaction is subject to approval by the antitrust authorities. KVT, a wholly owned subsidiary of DKH, is involved in the market of fastening systems and sealing plugs, an area that is not part of the core business of Klöckner & Co AG. The planned sale was announced in the company’s report for the first quarter of 2008. KVT, which is headquartered in Dietikon, Switzerland, has a workforce of about 300 people. In fiscal year 2007, it had sales of about €120 million and earnings after taxes of around €20 million.
Funds generated by the sale of KVT can be used to finance the expansion of Klöckner & Co. In the future, Klöckner & Co will continue to intensify its focus on its core business of multi metal distribution and vigorously expand this business.