Schaltbau Holding AG: Schaltbau's Spanish subsidiary Sepsa files application for liquidation, Medha simultaneously extends offer to acquire key assets and to continue the operative business of Sepsa
Schaltbau Holding AG, DE000A2NBTL2
Munich (Germany), 15 April 2019. After Schaltbau Holding AG ("Schaltbau") had put its Spanish subsidiary Albatros S.L.U. ("Sepsa") up for sale in November 2017, Sepsa filed an application for liquidation today, driven by the current financial situation of the company. At the same time, Indian rail supplier Medha Servo Drives Pvt. Ltd. ("Medha") made an offer for acquiring Sepsa's key assets from the liquidation mass, in order to continue Sepsa's operations. The proposed transaction is backed by Sepsa's employees and key customers, but is subject to approval by the liquidation court. Sepsa's business operations are to be continued during the liquidation proceedings and following the acquisition by Medha.
As communicated previously, Schaltbau has issued various guarantees for the benefit of customers, banks and suppliers of Sepsa, with around EUR 8 million at risk. The continuation of Sepsa's operative business would reduce the risk of guarantee drawdowns. It is not yet possible to make a precise estimate of the possible extent of the drawdowns. There is no additional impact on profitability expected from the initiation of the liquidation proceedings.
Contact Wolfgang Güssgen Head of Investor Relations & Corporate Communications Schaltbau Holding AG Hollerithstrasse 5 81829 Munich Germany T +49 89 firstname.lastname@example.org About Schaltbau With annual sales in the region of EUR 500 million and around 3,000 employees, the Schaltbau Group is an internationally leading supplier of components and systems in the field of transportation technology and the capital goods industry. The companies of the Schaltbau Group with the core brands Schaltbau, Bode and Pintsch develop high-quality technology and customer-specific solutions for rolling stock, rail infrastructure, road vehicles and other industrial applications. The solutions portfolio comprises, among other items, high- and low-voltage components, door and boarding systems, interior fittings for railway vehicles, complete level crossing systems as well as train formation and signal technology. Its innovative products make Schaltbau a key industrial supplier, particularly in the field of transportation technology and for industrial applications that require DC switching technology in future-oriented markets such as new energy, electromobility, DC industry and smart building.
Disclaimer This corporate news contains statements regarding future developments based on information currently available to us. As a result of risks and uncertainties, actual outcomes could differ from the forward-looking statements made. Schaltbau Holding AG does not intend to update these forward-looking statements.
15.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Schaltbau Holding AG Hollerithstraße 5 81829 Munich
Germany Phone: +49 89 - 93005 - 209 Fax: +49 89 - 93005 - 398 E-mail: email@example.com Internet: www.schaltbaugroup.de ISIN: DE000A2NBTL2 WKN: A2NBTL Indices: Prime Standard Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange EQS News ID: 800211 End of News DGAP News Service