Auriga Industries A/S, Harboøre, Denmark, 2010-12-20 11:00 CET (GLOBE NEWSWIRE) --
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Company announcement no. 12/2010 December 20, 2010 |
Auriga divests ownership in Damolin A/S
Auriga today entered into an agreement with a consortium consisting of Erhvervsinvest II K/S and Damolin’s Executive Board concerning the acquisition of Auriga’s ownership interest of 49.3% of the share capital in Damolin as at December 30, 2010. On the same day, the consortium will take over the remaining 50.7% of the shares in Damolin from the majority shareholder, Exmo Fur ApS, thereby assuming full ownership of Damolin.
Auriga realises net proceeds of approx. DKK 6 million from the sale relative to the carrying amount of its ownership interest in Damolin. The proceeds will be recognised in the financial statements for 2010 for Auriga as proceeds from the sale of investments. Moreover, the transaction will positively impact Auriga’s balance sheet to the order of DKK 38 million.
Auriga acquired its ownership interest in Damolin in mid-2007 in connection with the divestment of Skamol A/S to Polaris Private Equity II K/S. Damolin was founded in 1942 and has grown into a specialist production company with activities within cat litter, oil and chemical absorbents and powder and granulate products for industrial purposes with exports accounting for approx. 80% of production.
AURIGA INDUSTRIES A/S
Povl Krogsgaard-Larsen, Chairman
Kurt Pedersen Kaalund, President & CEO
Enquiries concerning this announcement should be addressed to President and CEO Kurt Pedersen Kaalund on tel. +45 70 10 70 30.
MORE INFORMATION:
Kurt Pedersen Kaalund, President & CEO
Jens Ole Jensen, Vice President
Tel. +45 70 10 70 30 - investor@auriga.dk
