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2007-03-23 News Release
Constantia Packaging
to acquire a majority interest in AMAG
Constantia Packaging AG and Klaus Hammerer GmbH have signed a framework
agreement under which Constantia will acquire a majority interest in AMAG.
Klaus Hammerer and Constantia Packaging AG, the former syndicate partners
and largest shareholders in Austria Metall AG (AMAG), Ranshofen, have
reached a framework agreement regarding the sale of Klaus Hammerer GmbH’s
40% equity interest in AMAG. Constantia Packaging AG will thus become
AMAG’s majority shareholder.
Find Information and Suppliers of flexible
packaging.
After intensive negotiations, the longstanding business partners Klaus
Hammerer and Constantia Packaging AG reached an agreement on the future
of aluminum producer AMAG. Under the framework agreement signed, Constantia
Packaging AG will acquire all shares held by Klaus Hammerer. The extrusion
business will be spun off from the company and continue to be managed
by the Hammerer family. With the sale of their shares to Constantia Packaging
AG, the shareholders made a deliberate choice in favor of an industrial
— and especially Austrian — solution that favors the Ranshofen
site and its employees. Both parties signed a non-disclosure agreement
regarding the sale price.
Constantia Packaging AG, currently owns a 25% + 1 share equity interest
in Austria Metall AG (AMAG), Ranshofen. AMAG is Austria's leading producer
of cast and rolled aluminum products for the processing industries, with
annual sales of around 830 million (excluding the extrusion business),
and a major supplier of pre-rolled aluminum strip to Constantia Packaging
Group's flexible packaging business.
The acquisition of the AMAG shares gives Constantia Packaging AG a majority
interest in one of the last independent aluminum producers as well as
its long time supplier. Constantia Packaging thus gains direct access
to the production of pre-rolled aluminum strip, a key commodity for its
flexible packaging business. It also acquires a profitable company with
substantial growth potential in key industrial markets. The combination
of the two companies offers favorable development opportunities in research
and development and synergies in metals trading, treasury and risk management
thanks to the
increased size.
“With the acquisition of a majority interest in AMAG, we are taking
over management control of this medium-sized company, which operates successfully
in promising niche markets and thereby fits in well with our investment
philosophy. At the same time, we are further diversifying without taking
on any major risk, since Constantia was already a shareholder in AMAG
following the company’s privatization,” said Hanno Bastlein,
the Chief Executive Officer of Constantia Packaging AG.
The merger of AMAG and Constantia Packaging AG creates an entity with
more than 8,400 employees worldwide and more than €2.1 billion in
sales, thereby bringing the new company to a new level.
Given the complex valuation issues and the detailed nature of the negotiations
— especially in light of the spin-off of the extrusion business,
which recently contributed €155 million in sales to AMAG’s
total of €980 million — the signing of the final share sale
agreement and the transaction closing will take place in the second half
of 2007.
During the contract negotiations the buyer side has been advised by PWC
Transaction Services / Lead Advisor and Herbst-Vavrovsky-Kinsky / law
firm.
Constantia Packaging AG, operateing in the flexible packaging and corrugated
board sectors, also remains open to the possibility of acquiring a portion
of the 20% stake in AMAG held by the employee stock ownership program.
These negotiations with the program’s representatives will be held
following the closing of the transaction with Klaus Hammerer.
Find information about Constantia
Packaging AG.
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