KLÖCKNER & CO ACQUIRES MAJORITY OF SWISS REINFORCING STEEL SPECIALIST RIEDO BAU + STAHL AG
- First acquisition since successful completion of restructuring
- Important step in strengthening the business with value-added processing
- Strengthening of leading market position in the attractive Swiss market for reinforcing steel
Duisburg, Gemany, March 04, 2014 – Klöckner & Co SE has purchased a 75% stake in the Swiss reinforcing steel specialist Riedo Bau + Stahl AG via its Swiss country organization Debrunner Koenig Holding AG. The plan is to acquire Riedo Bau + Stahl AG in full within the next two years.
Riedo specializes in the professional processing of reinforcing steel and also offers a wide range of accessories. Operating in three locations with a workforce of 180, this highly profitable company generated sales of almost €140 million last year.
“The acquisition of Riedo strengthens our leading market position in the attractive Swiss market for reinforcing steel. It is also an important step in implementing our long-term growth strategy “Klöckner & Co 2020”, which focuses among other things on acquiring highly profitable companies with higher value-added processing,” said Gisbert Rühl, CEO of Klöckner & Co SE.
The ability to utilize Riedo’s state-of-the-art sites will also enable savings on necessary investments in the lower to medium double-digit million euro range, as well as leveraging substantial synergies. The acquisition will have an immediate positive impact on earnings and is not expected to incur any notable integration costs.
The transaction is still subject to normal closing conditions but has already been approved, with a different transaction structure, by the Swiss Competition Commission. The modified transaction structure will be subsequently reported to the Competition Commission and is not likely to change the approval decision. Riedo will be most likely consolidated in the beginning of the 2nd quarter 2014.
About Riedo Bau + Stahl AG:
Operating from three locations with a workforce of around 180, Riedo Bau + Stahl AG produces and sells reinforcing steel for customers in Switzerland. It specializes in the processing of concrete reinforcing steel for the construction industry. In the past fiscal year, Riedo Bau + Stahl AG generated sales of almost €140 million.
About Debrunner Koenig Group:
Operating from 30 locations with a workforce of more than 1,700, the Debrunner Koenig Group is a leading distribution and service company in Switzerland. It covers a broad portfolio of B2B products and services for construction, trade and industry and offers a diverse range of higher value-added processing on the basis of its flexible service centers.
About Klöckner & Co:
Klöckner & Co is the largest producer-independent distributor of steel and metal products and one of the leading steel service center companies in the European and American markets combined. The core business of Klöckner & Co is the warehousing and distribution of steel and non-ferrous metals as well as the operation of steel service centers. Based on the Group's distribution and service network, more than 160,000 customers are supplied through around 230 locations in 15 countries. Currently Klöckner & Co employs around 9,800 employees. The Group had sales of around €7.4 billion in fiscal 2012.
The shares of Klöckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with further post-admission obligations (Prime Standard).
Klöckner & Co shares are listed in the MDAX®-Index of Deutsche Börse.
ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.
Christian Pokropp – Press Spokesperson
Head of Investor Relations & Corporate Communications
Telephone: +49 (0) 203-307-2050
Fax: +49 (0) 203-307-5025