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Gamma Holding completes sale of Coating & Composites
02
Nov '09
In the trading update of 23 October 2009 Gamma Holding announced its intention to sell virtually the whole business unit Coating & Composites, including Verseidag Ballistic Protection, to a German company. The sale has now been completed and the units involved have been sold for a sum of EUR 37.5 million to Jagenberg AG, an industrial company mainly active in the field of machine building. As a result of this sale, Gamma Holding has reduced its debt.

The units 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 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.

Gamma Holding will continue to focus on further strengthening its market positions and on implementation of the programme of cost savings within its remaining business units Belting, Filtration, Sailcloth, Sleep Care Fabrics and Exotic Fabrics. Furthermore, Belting will employ Mr. M. R. (Michael) Vogel as new General Manager from 1 January 2010. Mr. Vogel previously held various management positions at the German technology group GEA AG from 1996.

Gamma Holding develops, manufactures and sells innovative, high-quality industrial and consumer-related textile products throughout the world, varying from process and conveyor belts to products for filtration processes, sailcloth, mattress ticking and ethnic fabrics. With these products, the company is a leading global player in its selected niche markets. The company has some 6,500 employees in 43 countries.

Gamma Holding

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