Sulzer and Assa Abloy announced today that they have signed an agreement for the acquisition of Cardo’s Flow Solutions business by Sulzer for a total cash consideration of SEK 5.9 billion (CHF 858 million1).
Cardo Flow Solutions is a full-line supplier of pumps and related equipment primarily for wastewater applications.
The business achieved sales of around CHF 463 million and an adjusted EBITDA of CHF 67 million in 20102, implying a 14.5% EBITDA margin.
The intended acquisition allows Sulzer to enter the attractive wastewater pumps and related equipment market and to become a strong player in it.
Water and wastewater will become one of Sulzer’s key markets, accounting for approximately 16% of total sales (2010 pro-forma combined).
The wastewater market offers strong growth prospects in both mature and emerging markets, driven by long term trends such as population growth, increasing water consumption, urbanization, and environmental protection.
The acquisition creates a strong platform for further growth, driven by global geographic expansion and continued technological development of complete pumping solutions.
The intended acquisition will be EPS ‘pre-amortization’ accretive in 2012 and will be financed with cash on hand and available debt capacity.
Sulzer and Assa Abloy, the new majority owner of Cardo AB after a public offer concluded in March 2011, have signed an agreement for the acquisition of Cardo’s Flow Solutions business. The Board and the Executive Committee of Sulzer unanimously support this acquisition.
Headquartered in Malmö, Sweden, Cardo’s Flow Solutions business achieved 20101 sales of approximately CHF 463 million and an adjusted EBITDA of CHF 67 million2, implying a 14.5% EBITDA margin. The business has around 1 900 employees and generates around 90% of its sales in the wastewater market as a full line supplier of pumps and related equipment such as lifters, mixers, aerators, compressors, control and monitoring equipment and services.
“Cardo’s Flow Solutions business with its complete pumping solutions for the wastewater market and its committed employees provides an excellent strategic fit for Sulzer,” said Ton Büchner, CEO of Sulzer. “With the intended acquisition of this strong supplier in the attractive wastewater pumps market, Sulzer will be able to benefit from the attractive long-term growth of this market. Leveraging Sulzer’s broad global presence and further developing the complementary product portfolios of Sulzer Pumps and Cardo’s Flow Solution business, we want to further grow the business and create value for customers, the employees of both companies and our shareholders.”
Sulzer wurde 1834 in Winterthur, Schweiz, gegründet und ist heute global an über 170 Standorten weltweit tätig. Mit Fachwissen im Maschinen- und Anlagenbau, in der Oberflächentechnologie und im Service für Turbinen, Generatoren und Motoren nehmen die vier Divisionen weltweit führende Positionen in ihren Kundenmärkten ein.
Sulzer ist ein zukunftsorientiertes Unternehmen mit rund 17 000 Mitarbeitenden, die innovative Lösungen erarbeiten. Diese ermöglichen es den Kunden von Sulzer, ihre Wettbewerbsposition zu stärken. Zu den Märkten von Sulzer gehören die Industrien Öl und Gas, Kohlenwasserstoffverarbeitung, Energieerzeugung, Wasser und Abwasser Papier und Zellstoff, Luftfahrt sowie die Automobilindustrie.
Die Pressemitteilung Sulzer: Strong platform for growth in the wastewater market wurde publiziert von Sulzer Ltd am 07.04.2011 (Siebter April). Die Meldung Sulzer: Strong platform for growth in the wastewater market hat die ID News-HLP-26-1052792.
Sulzer AG (Firmenporträt) | |
Artikel 'Sulzer: Strong platform for growth in the ...' auf Swiss-Press.com |
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