Divestment of Oerlikon natural fibres businesses completed – new head for remaining textile activities
The deal of the acquisition of Oerlikon’s natural fibres and Textile Components business by Chinese Jinsheng Group is successfully completed, representing sales of around CHF one billion (2012) with roughly 3800 employees
Oerlikon expects from the transaction a net cash impact of around CHF 470 million (after transaction and tax costs). According to Oerlikon CEO Jürg Fedier,” the closing of the transaction marks an important milestone in the reshaping of the company’s portfolio, and it further strengthens our financial profile for investment in organic and inorganic growth opportunities”. The deconsolidation of the divested Business Units will be reflected in the third quarter of 2013, up to then the businesses will be presented in the second quarter and half year results as “Discontinued Operations”.
Oerlikon’s remaining manmade fibre business will present itself in the future as Manmade Fibres Segment (Brands Oerlikon Barmag and Oerlikon Neumag). Fedier added: “The new Manmade Fibres Segment is the global leader in an attractive, growing and less cyclical market”.
The new CEO of the Manmade Fibres Segment with immediate effect is German Stefan Kross (57), being with Oerlikon since 1990 and he held a number of senior management positions in the Textile Segment. Lately, he was Head of Manmade Fibres Business Unit. Clement Woon, CEO of the former Textile Segment is to leave Oerlikon Group.