KROMI Logistik AG / Alliance/Capital Increase
17.06.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg, June 17, 2009 - KROMI Logistik AG ('KROMI') has concluded an
extensive strategic alliance with the global cutting tools manufacturer,
the IMC Group ('IMC'). Being one of the world's largest carbide cutting
tool manufacturers for the global metal removal industry, IMC will also
make a capital investment in KROMI through which it will acquire an equity
participation in KROMI. Corresponding agreements were signed today.
The IMC Group, which is 80% owned by Berkshire Hathaway and with the
remaining 20% being owned by the Wertheimer family, operates in over 65
countries through well-known cutting tool manufacturers which are all
residing under its roof. These include Iscar, Ingersoll, Tungaloy, TaeguTec
and other IMC satellite niche companies such as IT.TE.DI., Unitac, UOP,
Wertec and others.
To strengthen its position amongst customers with whom IMC cooperates in
tool management projects, and to facilitate provision of professional and
first-rate service for such customers, IMC has decided to tighten hands
with KROMI. This cooperation constitutes also a significant boost for
KROMI, one of the leading providers for the end-to-end supply of machining
tools, thereby reinforcing its international strategy.
Under this strategic alliance, KROMI will continue to operate manufacturer
independently, under the same utmost standards by which it has been guided
thus far, and with a view to continue providing its customers with a broad
range of tools from all reputed and first-class manufacturers. At the same
time, both partners' customers will benefit from the focus on their
respective core competences.
To allow both of the companies to jointly participate in the success of
this cooperation, and as a reflection of its aspiration for a long-term
strategic alliance with KROMI, IMC makes a capital investment in KROMI. In
this regard, KROMI will avail of the existing authorization for a cash
capital increase, excluding shareholders' subscription rights, and will
issue for IMC a total of 374,900 new shares. IMC will acquire these shares,
at a placement price of EUR 10.00 per share, upon conclusion of which
acquisition its interest in KROMI will consist of a total of 9.09%. The
capital increase is expected to generate additional funds of around EUR
3.75 million for KROMI. This will finance the expansion of the anticipated
additional business.
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Information and Explaination of the Issuer to this News:
Explanation
Assuming IMC's tool management projects by KROMI provides significant
confirmation for KROMI that its business model is a success. 'We are very
pleased that IMC has chosen us, because our concept is of end-to-end tool
supply that is independent of a specific manufacturer leads the market. One
of the most important tool manufacturers is giving its tool management
activities to us - and that really is a crowning glory,' commented Jörg
Schubert, KROMI Logistik AG's CEO. 'A constant supply of tools from various
manufacturers and optimizing these tools and production processes are key
factors for the manufacturing sector - and there is only one business model
that can guarantee this kind of end-to-end supply. And that's ours.' he
added. 'That is why we are a key partner for the IMC Group.'
The IMC Group also has a very positive view of the strategic alliance:
'KROMI is the ideal partner for IMC, as we both aim to boost our customers'
productivity and efficiency,' explained Jacob Harpaz, the IMC Group's
President and CEO. 'As a part of our commitment to deliver real value to
our customers through provision of our innovative and market-leading
products, we are confident that partnering with KROMI will facilitate
guaranteeing provision of professional, dedicated and first-rate services
also to our tool-management customers', he added.
IMC Group profile
The IMC Group focuses on developing, producing and selling cutting tools
for the global metal removal industry. As a global end-to-end provider, it
offers innovative and leading solutions for all branches of industry,
through provision of all standard and special cutting tools and tooling
solutions, as such are needed over the entire spectrum of users and
customers over the world. The IMC Group is one of the world's largest
manufacturers and suppliers of carbide cutting tools for the metal removal
industry, with a double-digit annual growth, and with a remarkable rise in
market share. The IMC Group operates through a large number of well-known
and leading manufacturers, such as ISCAR (Israel), Ingersoll (USA,
Germany), TaeguTec (Korea, India), Tungaloy (Japan), as well as other
satellite niche IMC companies, such as Outiltec (France), Métaldur
(Switzerland), Unitac (Japan), IT.TE.DI (Italy), UOP (Italy), Wertec
(Italy), Micro-Tools and CTMS (both Israel). Since May 2006, the IMC Group
is 80% owned by the US investment company, Berkshire Hathaway, which is
controlled by the private US investor, Mr. Warren Buffett. The remaining
20% are held by the company's founders, the Wertheimer family.
Company profile KROMI Logistik AG
KROMI Logistik AG offers manufacturing companies end-to-end outsourcing for
the supply of precision tools (tool management) that is independent of a
specific manufacturer, and it focuses on machining tools for metalworking
and plastics. The Company combines classical tool trading with a peripheral
tool supply that includes output machines in the customer's production area
and an IT-based tool management and controlling system. The objective of
KROMI's business operations is to effectively optimize the supply of tools
for its clients and to secure the availability of the appropriate tools at
the right time and at the right place. The company is already present at
five locations in Germany and two abroad (Slovakia, Czech Republic), and is
active in six other European countries. Additionally, in September 2008
KROMI founded a subsidiary in Brazil. To date, KROMI has primarily focused
on customers in the engineering, shipbuilding and aerospace sectors as well
as automotive suppliers. In fiscal year 2007/08, the company recorded
revenues of EUR 40.1 million, EBIT of EUR 3.4 million and consolidated net
income of EUR 2.3 million. KROMI Logistik AG has its roots in Krollmann &
Mittelstädt GmbH, now known as Tarpenring 11 Vermögensverwaltungs GmbH. It
was spun off from this company on November 1, 2002 together with Krollmann
& Mittelstädt Hamburg GmbH.
On the Internet at www.kromi.de.
Investor relations contact
cometis AG
Henryk Deter
Tel.: +49 (0)611-205855-13
Fax: +49 (0)611-205855-66
E-mail: deter@cometis.de
DGAP 17.06.2009
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Language: English
Issuer: KROMI Logistik AG
Tarpenring 11
22419 Hamburg
Deutschland
Phone: 040/537151-0
Fax: 040/537151-99
E-mail: info@kromi.de
Internet: www.kromi.de
ISIN: DE000A0KFUJ5
WKN: A0KFUJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: KROMI Logistik AG concludes extensive strategic alliance with the IMC Group
| Source: EQS Group AG