KLÖCKNER & CO SE – SALE OF KOENIG VERBINDUNGSTECHNIK AG, SWITZERLAND, COMPLETED
- Announced deal consummated
- Transaction approved by antitrust authorities
- Focus on core business continued
Klöckner & Co SE, working through its Swiss subsidiary Debrunner Koenig Holding (DKH), completed the sale of Koenig Verbindungstechnik (KVT) today. As announced in July, the specialist in fastening systems has been acquired by the private equity company Capvis. The acquisition has already been approved by antitrust authorities.
KVT does business in the market of fastening systems and sealing plugs. As a result, it is not part of the core business of Klöckner & Co SE. The sale price was about €325 million, producing a book gain after taxes of around €265 million.
“After successfully directing the focus in North America to our core business, we have now continued this approach in Europe by selling KVT. With the funds produced by the transaction, we also gain further leeway for our expansion strategy,” said Dr. Thomas Ludwig, CEO of Klöckner & Co SE.