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2006-03-31 News Headlines
Trelleborg divests rubber ops and invests in marine systems Trelleborg sells Goodall Rubber Company US subsidiary, which sells and distributes hoses and hose connectors in the US and Canada, and makes acquisition in marine systems in Australia.
A step in the optimization of the Group’s profile and its concentration to selected segments Through its Trelleborg Engineered Systems business area, the Trelleborg Group has signed an agreement to sell the operations in US subsidiary Goodall Rubber Company. Goodall, which sells and distributes hoses and hose connectors in the US and Canada, has slightly more than 400 employees and generated sales of approximately SEK 650 M in 2006. Trelleborg acquired Goodall in 1986. “The sale of Goodall represents a step in our continued focus on prioritized segments and the streamlining and concentration of the Group’s structure,” says Peter Nilsson, President and CEO of Trelleborg. “With regard to Goodall, we see limited opportunities for synergies and operations are not, in the long term, considered to be in line with our core operations and financial targets. An opportunity has now presented itself and we are pleased that Goodall will have a new home where it can develop as a core operation.” The buyer is Lewis-Goetz & Co, Inc of the US, which is based in Pittsburgh, Pennsylvania. The sale price amounts to approximately SEK 205 M, of which SEK 160 M is to be paid cash at the time of sale with a further SEK 45 M in the form of interest-bearing loans maturing over a period of five years. Goodall’s operating cash flow during 2005 was SEK 18 M. For Trelleborg, the divestment is expected to result in a book capital loss of approximately SEK 45 M after tax. Since the 1990s, Goodall has been involved in certain product-related asbestos lawsuits. The responsibility for the asbestos lawsuits remains with Trelleborg, as does the insurance coverage. No lawsuits have had, or are expected to have, more than a marginal impact on Trelleborg. The sale will be completed at the end of April, 2006. Expands product portfolio with integrated software solutions for docking
and mooring “With this acquisition, we are developing our customer offering by adding complete system solutions for quayside mooring,” says Lennart Johansson, Business Area President for Trelleborg Engineered Systems. “Harbour & Marine Engineering is the global leader in its niche and this will strengthen our product portfolio and leading positions in marine fender systems.” Operations within Harbour & Marine Engineering mainly involve systems that help vessels to moor in a controlled and safe manner. Consequently, Trelleborg’s expertise in marine fender systems will be complemented with specific expertise in software development and docking applications. Harbour & Marine Engineering will be integrated fully within the
business unit Trelleborg Marine Systems. It is expected that synergies
will be achieved through, among other things, shared sales channels and
customer structures.
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