Schweiter Technologies to sell Satisloh to Essilor Group
Horgen, June 16, 2008 – Schweiter Technologies has reached an agreement with the French Group Essilor International for the sale of all the shares in Satisloh Holding AG. The sale price for the debt-free company is EUR 340 million (approx. CHF 550 million) in cash. The sale is subject to the approval of the relevant competition authorities. The transaction is expected to be completed in the second half of 2008.
Satisloh is the world’s leading full-range supplier of machines for the production of spectacle lenses as well as lenses for the optics industry. Satisloh, a division of Schweiter Technologies, reported revenues of CHF 270 million in 2007 and an operating profit of CHF 42 million. Satisloh’s headcount is 410 employees.
Essilor International is the global market leader in optical products for ophthalmic applications. Headquartered near to Paris, the company operates 15 production sites and 270 lens finishing laboratories worldwide. In 2007, the company reported revenues of EUR 2,908 million and a net profit of EUR 367 million with over 30,000 employees worldwide. Essilor has a market capitalization of around EUR 8.5 billion. The acquisition of Satisloh by Essilor means that the research & development capacities and know-how of the two companies can be used even more effectively, resulting in particular in shorter innovation cycles. This will benefit the entire optics industry, from laboratories and chain stores to individual opticians.
Essilor will continue to operate Satisloh in its present form, in particular as a Swiss company with its headquarters, marketing and finance units in Baar, production sites in Italy and Germany, and global sales operations. Satisloh CEO Beat Siegrist will retain this office and also be appointed to the Essilor Executive Committee.
Upon completion of the transaction, Schweiter Technologies will hold substantial liquid assets (net liquidity as at end 2007: CHF 120 million). These are to be invested in operating activities, i.e. the strategic expansion of existing business lines as well as new areas of activity.
Changes to the management of Schweiter Technologies
Following the sale of Satisloh, Beat Siegrist, presently CEO of both Satisloh and Schweiter Technologies, will step down from the latter office after 12 highly successful years. Beat Siegrist’s election to the Board of Directors of Schweiter Technologies at the last General Meeting means that he will continue to provide the company with his support, above all with regard to strategic direction.
In addition to his current function, Heinz Baumgartner, CFO of Schweiter Tech-nologies since 1996, will preside over the Group Management, whose members also number the CEO of SSM Textile Machinery and Ismeca Semiconductor as well as the Chief Purchasing Officer.
In light of recent events, a media and analyst conference is to be held on Monday, June 16, 2008 at 1:00 p.m. at the Marriott Hotel, Neumühlequai 42, 8001 Zurich
Schweiter Technologies, a Swiss company with a strong tradition, focuses activities on high-quality machine construction. The Group currently comprises the divisions SSM Textile Machinery, Ismeca Semiconductor and Satisloh. Shares of Schweiter Technologies are listed in the main segment of the SWX Swiss Exchange.
ISIN: CH0010754924 / Reuters: SWTZ / Bloomberg: SWTQ SW
Essilor International is the global market leader in the production of ophthalmic products. Under the brand names Varilux®, Crizal®, Essilor® and Definity® the company offers a range of products to correct myopia (near-sightedness), hyperopia (far-sightedness), presbyopia (disorder of the eye caused by ageing) and astigmatism (irregular curvature of the cornea). Worldwide, Essilor has 15 production sites, 270 lens finishing laboratories and local distribution channels. In the 2007 financial year, the company achieved revenues of EUR 2,908 million with a headcount of 31,500 employees.
The shares of Essilor are listed on the Euronext Paris Market and included in the CAC 40 Index.
ISIN: FR0000121667 / Reuters: ESSI.PA / Bloomberg: EF FP