DGAP-News: Hess AG / Key word(s): Insolvency/Disposal
Hess AG: Subsidiary Vulkan sold
19.03.2013 / 10:50
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Hess subsidiary Vulkan sold
Villingen-Schwenningen, 19th March, 2013. There is a first success to be
reported in the context of the running M&A process of Hess AG. Located in
Hannover, Vulkan in which Hess AG indirectly holds 100% of the shares was
sold to the strategic investor Nordeon with effect from 14th March, 2013,
saving all of the nearly 20 jobs.
Within Hess Group Vulkan represented efficient, high-quality, but
economically priced decorative functional lighting. Nordeon is an
international positioned company based in the Netherlands and sites in
Germany and France. The company was founded in the course of a spin-off of
Philips in Springe in October 2012 and already expanded two months later by
taking over the Philips production plant in France. As former luminaire
site of AEG and later Philips, Nordeon can draw on the experience of nearly
half a century. Since its founding in October 2012, Nordeon pursues
ambitious targets in the range of outdoor lighting. 'Acquiring Vulkan
enables Nordeon to reach these targets considerably earlier', is Pierre van
Lamsweerde, CEO of Nordeon Group, pleased.
The sale of Vulkan is also very positive for the temporary insolvency
administrator, Dr Wolfgang Bilgery, of the partnership Grub Brugger &
Partner in Stuttgart: 'We succeeded in securing all jobs with a prospect
for Vulkan and its employees'. The Nordeon site in Springe is located less
than 30 kilometres away from the previous Vulkan headquarters, making it
ideal for all parties also from a geographical perspective.
The take-over of Vulkan by Nordeon happened in the course of a so-called
asset deal. Both parties have agreed to keep the purchase price
confidential. Dr Volker Grub, temporary insolvency administrator of Hess
AG, assesses the sale of Vulkan GmbH as a positive step in the context of
the further restructuring of Hess Group: 'Due to Vulkan's focus, it
belonged to the peripheral activities of Hess Group, enabling us now to
concentrate on the core activities and core competencies during the ongoing
restructuring process.'
As already announced the M&A process for Hess AG and for the additional
subsidiaries will be further promoted with high pressure.
Contact:
Hess AG
Marco Walz
Investor Relations & Communications
LantwattenstraÃe 22
D - 78050 Villingen-Schwenningen
Tel.: +49 (0) 7721 920-475
Mail: marco.walz@hess.eu
www.hess.eu
End of Corporate News
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Language: English
Company: Hess AG
LantwattenstraÃe 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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204374 19.03.2013
DGAP-News: Hess AG: Subsidiary Vulkan sold
| Source: EQS Group AG