DGAP-News: Homag Group AG / Key word(s): Acquisition
HOMAG Group AG acquires US distribution and service partner
03.02.2014 / 13:47
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HOMAG Group AG acquires US distribution and service partner
- Shareholding in Stiles Machinery Inc. increased from
26.7 to 100 percent of voting capital
- Position in growth market USA to be strengthened
- Valuable addition to the global sales organization
Schopfloch/Grand Rapids, USA, February 3, 2014. HOMAG Group, the world's
leading manufacturer of plant and machinery for the woodworking industry
and cabinet makers has, effective as of February 3, 2014 increased its
share in the voting capital of the US distribution and service company
Stiles from 26.7 to 100 percent. The shares were sold by Peter Kleinschmidt
who headed up the company for 39 years and is now retiring from active
business. Even after the acquisition, he will be available to provide
advice as a member of the supervisory board of Stiles.
HOMAG Group's CEO Dr. Markus Flik emphasizes: 'Within our industry, the US
is one of the dynamic markets with growth opportunities and is for us of
strategic importance. As market leader in the US, we are acquiring the
leading distribution and service organization in this industry. Increasing
our interest in Stiles which we have held since 1992 is the only logical
step. This measure allows us to benefit directly from the anticipated
re-industrialization in the US in which we will now play a role on account
of our direct market access.'
Having a relevant market share in excess of 35 percent, Stiles is the
leading distribution and service organization for machines and production
lines for the US woodworking industry. With more than 290 employees, Stiles
generated annual sales revenue of about USD 158 million in 2013. This
constitutes a rise on 2012 of 22 percent. On account of the increase in
industrial activity and the great need for investment, experts also
anticipate similar growth rates in the next few years both for stand-alone
machines and production lines. The company will continue to trade as Stiles
Machinery Inc.
'We now have a more direct link to our customers in the US', explains
Jürgen Köppel, HOMAG Group's CSO. 'Stiles' highly qualified sales and
service team have built up excellent customer relationships. HOMAG Group
Engineering with its project expertise allows us to serve the growing US
project business more intensively and provide the best possible support to
our customers with global operations.'
Peter Kleinschmidt, the owner of the company for many years, is pleased
that his business is being acquired by the HOMAG Group: 'I know that my
life's achievement is being placed in good hands. I have been cooperating
closely with the HOMAG Group for more than 30 years. It is the ideal
partner to write the next chapter in Stiles' success story.'
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Background information
With its 15 specialized production companies, 21 group sales and service
companies and approximately 60 exclusive sales partners worldwide, HOMAG
Group AG's position as a complete system supplier is unique. Backed by a
workforce of some 5,000 employees worldwide, the Company sees itself as the
leading global manufacturer of plant and machinery for the woodworking and
wood materials processing industry and cabinet makers active in the
production of furniture and construction elements as well as timber frame
houses. The Group also offers its customers a wide range of services,
including software and consulting services. HOMAG Group AG shares have been
listed on the Prime Standard of the Frankfurt stock exchange since July 13,
2007.
Disclaimer
This press release contains certain statements relating to the future.
Future-oriented statements are all those statements that do not pertain to
historical facts and events or expressions pertaining to the future such as
'believes', 'estimates', 'assumes', 'forecasts', 'intend', 'may', 'will',
'should' or similar expressions. Such future-oriented statements are
subject to risks and uncertainty since they relate to future events and are
based on current assumptions of the Company, which may not occur in the
future or may not occur in the anticipated form. The Company points out
that such future-oriented statements do not guarantee the future; actual
results including the financial position and the profitability of the HOMAG
Group as well as the development of economic and regulatory framework
conditions may deviate significantly (and prove unfavorable) from what is
expressly or implicitly assumed or described in these statements. Even if
the actual results of the HOMAG Group including the financial position and
profitability as well as the economic and regulatory framework conditions
should coincide with the future-oriented statements in this announcement,
it cannot be guaranteed that the same will hold true in the future.
Information:
HOMAG Group AG
Kai Knitter
Head of Corporate Communications & Investor Relations
Phone: +49 7443 13-2461
kai.knitter@homag-group.com
www.homag-group.com
End of Corporate News
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03.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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Language: English
Company: Homag Group AG
Homagstr. 3-5
72296 Schopfloch
Germany
Phone: +49 (0)7443 / 13 - 0
Fax: +49 (0)7443 / 13 - 2300
E-mail: info@homag-group.com
Internet: www.homag-group.com
ISIN: DE0005297204
WKN: 529720
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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250689 03.02.2014
DGAP-News: HOMAG Group AG acquires US distribution and service partner
| Source: EQS Group AG