In accordance with Auriga's stated strategy of investigating the possibilities
of divesting the subsidiaries Hardi and Skamol in order to concentrate on the
development of the group's largest subsidiary Cheminova, Auriga has today
entered into a binding agreement with French Exel Industries on the acquisition
of all of Auriga's shares in Hardi as of November 30, 2007.
The sales price for Hardi is based on a price of DKK 290 million for the shares
corresponding to an enterprise value of approx. DKK 745 million. The book
equity of Hardi excluding minorities was DKK 292 million as of September 30,
2007. Auriga's goodwill with respect to Hardi is DKK 169 million. In Auriga's
annual accounts for 2007 Hardi will be included as a result of discontinued
activities with comparative figures.
In 1997 Hardi became a 100% owned subsidiary of the Auriga group. Today the
company is an international supplier of quality spraying equipment for all crop
segments and employs approx. 1,000 employees in subsidiaries in 9 countries.
The turnover for 2007 is expected to amount to approx. DKK 1 billion.
Exel Industries is a French, listed company with a turnover of approx. DKK 2.2
billion. The company is a leading supplier of spraying equipment and employs
approx. 1,750 employees in subsidiaries in 16 countries.
With the acquisition of Hardi, Exel Industries will become a very strong
international supplier of spraying equipment. Exel Industries expects to
maintain Hardi's operational set-up, its product portfolio, brands and sales
channels. It is the intention of Exel Industries that the management and the
employees of Hardi continue under the new ownership.
In connection with the sale, Danske Markets, Corporate Finance, has assisted
Auriga as financial advisor. Holst, Law Firm has assisted Auriga as legal
advisor.
AURIGA INDUSTRIES A/S
Ole Steen Andersen
Chairman of the Board of Directors
Bjørn Albinus
President and CEO
Enquiries concerning this stock exchange notification should be directed to Mr
Bjørn Albinus, President and CEO of Auriga, on telephone +45 7010 7030.
