Sale of Pfleiderer track systems to AXA Private Equity Closed
M-DAX listed Pfleiderer AG, Neumarkt (ISIN DE0006764749) announced the closing of the deal for the sale of Pfleiderer track systems to AXA Private Equity.
On March 10, 2006 Pfleiderer AG announced the signing of a contract to sell Pfleiderer track systems to AXA Private Equity. Following this, the Federal Anti-Trust Authorities indicated in a letter dated March 21, 2006 that it had no objections to the transaction. Pfleiderer expects the sale to result in a capital gain of around €45 million after tax.
For Hans H. Overdiek, Spokesman of the Board of Management of Pfleiderer AG, the sale of Pfleiderer track systems represents a major step towards further growth. According to Overdiek, "The sale of Pfleiderer track systems represents the final leg in the strategic restructuring of the Pfleiderer Group. It gives us a very solid base on which we can profitably further expand our engineered wood activities." In this process, strengthening earnings power in order to make a sustained increase of Pfleiderer’s shareholder value remains paramount. "Closing the deal and the successfully performed capital increase has created ideal conditions to further boost the profitability of Pfleiderer AG through targeted investments. It will enable us to strengthen the company’s position in Western Europe and the growth markets of Eastern Europe and North America on an ongoing basis," Hans H. Overdiek went on to say.