SGL CARBON SE / Joint Venture
29.10.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Wiesbaden / Munich, October 29, 2009. SGL Group and BMW Group announced
today the foundation of a joint venture to manufacture carbon fibers and
fabrics for the automotive industry.
Within the joint venture, the construction of two new sites, in North
America for the carbon fiber production and in Germany for the subsequent
fabrics, is planned. The joint venture will be structured as follows: SGL
Group holds 51%, BMW Group 49% of the shares with both partners nominating
management and shareholder committee on an equal basis. BMW Group will use
its favorable access to the capital markets to ensure the funding of the
debt financing for the joint venture. In addition, BMW Group - as
initially the only customer - guarantees certain minimum purchasing
volumes of the carbon fiber fabrics at contractually agreed conditions
within the context of safeguarding the overall project. The joint
venture will create more than 180 jobs in the following years.
The investments in the first stage of development for both production sites
will be EUR 90 million until 2012. Both companies will contribute each
initial equity of EUR 18 million.
The overall investment volume for the joint venture will amount to EUR 230
million subject to BMW Group confirming all stages of development. In the
final stage of development, annual carbon fiber and fabric consumption is
expected in the range of several thousand tons p.a..
The transaction is subject to the approval of the relevant antitrust
authorities.
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Information and Explaination of the Issuer to this News:
Important Note:
This press release contains statements on future developments that are
based on currently available information and that involve risks and
uncertainties that could lead to actual results deviating from these
forward-looking statements. The statements on future developments are not
to be understood as guarantees. The future developments and events are
dependent on a number of factors; they include various risks and
unanticipated circumstances and are based on assumptions that may not be
correct. These risks and uncertainties include, for example, unforeseeable
changes in political, economic and business conditions, particularly in the
area of electrosteel production, the competitive situation, interest rate
and currency developments, technological developments and other risks and
unanticipated circumstances. We see other risks in price developments,
unexpected developments relating to acquired and consolidated companies and
in the ongoing cost optimization programs. SGL Group does not intend to
update these forward-looking state-ments.
Press Contact:
Corporate Communications / Tino Fritsch
Phone: +49 (0)611 6029-105 / Fax: +49 (0)611 6029-101 Mobile: +49 (0)170
540-2667
E-mail: tino.fritsch@sglcarbon.de / www.sglgroup.com
29.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: SGL CARBON SE
RheingaustraÃe 182
65203 Wiesbaden
Deutschland
Phone: +49 (0)611 6029 - 103
Fax: +49 (0)611 6029 - 101
E-mail: vanessa.rau@sglcarbon.de
Internet: www.sglgroup.com
ISIN: DE0007235301
WKN: 723530
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hannover, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: SGL CARBON SE: SGL Group and BMW Group Establish Carbon Fiber Joint Venture
| Source: EQS Group AG