Pfeiffer Vacuum Technology AG, Asslar, has announced that it intends to acquire Alcatel-Lucent“s Vacuum Technology Unit – Adixen – which is headquartered in Annecy, France. Negotiations on the purcha…
Pfeiffer Vacuum Technology AG, Asslar, has announced that it intends to acquire Alcatel-Lucent“s Vacuum Technology Unit – Adixen – which is headquartered in Annecy, France. Negotiations on the purchase of the companies, patents and licenses belonging to this unit have been largely finalized. Manfred Bender, chief executive officer of Pfeiffer Vacuum Technology AG, comments on the envisaged acquisition: With this move, Pfeiffer Vacuum is now entering a new dimension of business. We will not only double our sales revenues, but also significantly increase our market presence. We have always said we want to enhance our position in backing pumps, and we believe that the Adixen product portfolio is the perfect fit for us. In addition, we will expand our international sales and service network and, in particular, gain better overall access to the high-growth Asian markets. Bender adds: We at Pfeiffer Vacuum are dedicated to creating and enhancing value for our shareholders. Based on the current strong business performance we expect to generate sales revenues of more than EUR 500 million in the fiscal year 2011.The financial results we announced demonstrate that we were able to return our EBIT margin to normal, even during the first year of the Trinos integration. And we are going to show the same strict discipline in connection with the Adixen integration. Jean-Yves Guegan, President of Adixen, notes: The combination of Adixen and Pfeiffer Vacuum, two leaders in pumping solutions and leak detection systems, will create a powerful force in the industry. Our portfolio and talent meshes quite well with that of Pfeiffer Vacuum and will create a platform to better serve both companies“ existing customers as well as drive growth in overall market share. Alcatel-Lucent“s Vacuum Technology Unit, which does business under the Adixen brand name, is an acknowledged world leader in vacuum pumps and leak detectors with a top market position in the field of backing pumps. In fiscal year 2009, the Adixen unit generated sales revenues of EUR 134 million and a negative EBITDA of EUR 3 million, which was largely attributable to the general economic crisis. The interim financial statements for the Adixen unit for the period ended 30 June 2010, record sales revenues of EUR 116 million and an EBITDA of EUR 14 million. On the basis of these numbers, sales revenues of approximately EUR 270 million and an EBITDA of approximately EUR 40 million are anticipated for the entire fiscal year 2010. The purchase price for this unit will total approximately EUR 200 million on a debt/cash-free basis and will be fully financed through a bank loan. Pfeiffer Vacuum intends to reduce a portion of the acquisition financing by selling treasury shares and through a capital increase from authorized capital in the amount of up to 10% of its share capital. The supervisory board of Pfeiffer Vacuum consented to the acquisition on 3 November 2010. Prior to the signing of the contract, a hearing of employee councils of the Alcatel-Lucent group is required. The acquisition is planned to become effective on 31 December 2010. Hauck & Aufhuser Investment Banking and Wagram Corporate Finance acted together as sole financial advisors to Pfeiffer Vacuum on this transaction.