A further step in portfolio development
- Thirteenth strategic transaction enabling Oerlikon to focus on core growth markets
- Transaction is based on an enterprise value of CHF 525 million
- Investment capabilities of Oerlikon Group further strengthened
- Oerlikon guidance (continued operations) for the full-year 2015 confirmed
- Transaction expected to close by middle of the year 2016
Pfäffikon SZ, Switzerland – November 20, 2015 – Oerlikon today announced that it has signed an agreement to sell its Leybold Vacuum business to Atlas Copco. The transaction is based on an enterprise value of CHF 525 million and is expected to close by middle of the year 2016.
Oerlikon advances its strategic agenda and continues to focus on streamlining its portfolio with the objective of further developing the company’s Best-in-Class businesses. The divestment of its Vacuum Segment to Atlas Copco marks the thirteenth strategic transaction for the Group since 2010. It will allow the Group to further allocate resources and management attention to its strategic growth areas. Oerlikon CEO Dr. Brice Koch said: “This is another important milestone in our strategic effort toward focusing our businesses on attractive core growth markets in the fields of energy, mobility and urbanization. We intend to use the proceeds to invest in sustainable profitable growth within our core competencies.”
Atlas Copco is the ideal owner to unfold the full potential of Oerlikon Leybold Vacuum as it has a strong position and wide expertise in the vacuum and compressor sector. The enterprise value for Oerlikon Leybold Vacuum is CHF 525 million. In 2014, the Segment generated sales of CHF 390 million and as of June 30, 2015, has 1 646 employees worldwide. The transaction provides Oerlikon with a stronger position to invest in its leading businesses funding innovation, operational excellence as well as organic and inorganic growth opportunities.
Process and guidance
The transaction is expected to close by middle of the year 2016, subject to regulatory merger approvals in a number of countries and the standard closing conditions.
Oerlikon will report the Vacuum Segment under “Discontinued Operations” in the 2015 full-year financial statements and will restate the 2014 accounts accordingly. Based on preliminary restated 2014 full-year Group figures for order intake (CHF 2 647 million), sales (CHF 2 825 million) and EBITDA margin (16.8 %),
Oerlikon confirms for its continuing operations for the financial year 2015 at constant exchange rates the guidance provided on October 27, 2015:
- Order intake to increase by low single digits
- Sales to be at prior-year level
- EBITDA margin to be sustained at prior-year level
Oerlikon (SIX: OERL) is a leading global technology Group, focusing on providing market-leading technologies and services for surface solutions, manmade fibers manufacturing, drive systems and vacuum pumps and components in growth markets. These cutting-edge technologies benefit customers by improving their product performance, productivity, efficient use of energy and resources, and also by contributing to a more sustainable environment. A Swiss company with over 100 years of tradition, Oerlikon has a global footprint of over 15 500 employees at more than 200 locations in 36 countries and sales of CHF 3.2 billion in 2014. The company invested CHF 121 million in R&D in 2014 and has over 1 300 specialists developing innovative and customer-oriented products and services.
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