Gamma intends to sell Coating & Composites biz unit

23 Oct '09

1 min read

Gamma Holding intends to sell virtually the whole business unit Coating & Composites, including Verseidag Ballistic Protection, for a sum of EUR 37.5 million to a German industrial company. The units to be sold represent anticipated annual turnover of EUR 76 million and EBITDA 1 of EUR 2.5 million. The number of employees involved is 271. The transaction is expected to be completed in the coming weeks. The units concerned are included in this trading update as discontinued operations.

The product group PTFE-coated glass woven fabrics for industrial applications, which formed part of Coating & Composites, will be transferred to Belting. PTFE represents anticipated annual turnover of EUR 13 million and makes a limited contribution to EBITDA 1. The unit employs 134 people. It has also been decided to recognise the business unit Sailcloth as a continuing operation once again with effect from 30 September 2009.

Gamma Holding has decided to abandon the sectoral breakdown into Industrial Solutions and Lifestyle Fabrics. With effect from this trading update the Company reports separately on each business unit in line with the half-year report.

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