Korber Agrees to Sell Paper Systems Business Unit to Investment Group
Feb. 21, 2012 (Press Release) - In the wake of its realignment, Korber AG has reached an understanding with an investment group advised by Orlando Management AG (Munich, Germany) for the sale of Paper Systems. The investment group is set to buy the three companies E.C.H. Will GmbH, Pemco Inc. and Kugler-Womako GmbH, as well as two sales companies.
The transaction remains subject to approval by the Supervisory Board of Korber AG, and will also need to be endorsed by the antitrust authorities.
The three companies, which work closely together as a group, have production facilities at two German locations (Hamburg and Nürtingen) as well as at a site in the U.S. (Sheboygan, Wisconsin) and currently have approximately 450 employees.
The companies serve customers around the world in the paper industry and the paper converting industry, and enjoy leading global market positions in a number of market segments, such as for sheeting and packaging machines for cut-size paper/copy paper, as well as for passport machines.
All companies operate profitably.
The investors are planning to continue developing the companies together with their existing management teams. In this conjunction they are aiming to realize growth opportunities in emerging markets, as well as to open up new fields of business with innovations.
Over the past ten years, the investment group, which is being advised by Orlando Management AG, has been one of the leading investment companies in medium-sized enterprises within the German-speaking region. The investment group holds corporate stakes for medium to long-term periods, and their total sales amount to approximately EUR 1.2 billion.
The Korber Group signaled its intention to divest the Paper Systems companies last year within the framework of its strategic realignment. The Korber PaperLink division is set to remain part of the Korber Group with its other activities, and will continue to be expanded.
SOURCE: Korber AG
See related story:
- Korber PaperLink Seeks Buyer for E.C.H. Will, Pemco, and Kugler-Womako (6/29/2011)