Schweiter Technologies: Expansion of 3A Composi...

Schweiter Technologies / Schweiter Technologies: Expansion of 3A Composites Display Business . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Steinhausen, 20 September, 2018 - Schweiter Technologies is further strengthening its display business and has entered into an agreement to acquire the European acrylic sheet business of Lucite International (Lucite Acrylic Sheet) and the UK distribution company Perspex Distribution Ltd. (PDL). In the financial year ended 31 March 2018 the acquired business generated sales of around GBP 126 million. The agreed enterprise value for the businesses (on a cash free/debt free basis) is GBP 92 million. The transaction will be completed following approval by the relevant competition authorities and the carve-out of the production activities into a new legal entity.

Lucite Acrylic Sheet is one of Europe's leading manufacturers of acrylic sheet and composites and is based in Darwen, Lancashire, UK. Lucite Acrylic Sheet manufactures two major categories of acrylic sheets, Perspex general purpose sheets and Lucite saniware sheets. Perspex sheets are used by customers in the display, visual communication and related industries and are sold through a distribution network including PDL in the UK, and other long established partners in Continental Europe, Africa and other regions. The Perspex product range is one of the widest in the industry and the Perspex brand name is one of the leading global brand names for acrylic sheet products. The Perspex production facilities, product range and customer relationships will fully complement the existing 3A Composites acrylic sheet business based on the Crylon, Akrylon and Crylux product families with production facilities in Germany, Slovakia and Spain.

The PDL business provides a full distribution service to UK based customers in the display and communication industries from 5 branches and offers a range of complementary products in addition to Perspex acrylic sheets.

3A Composites has successfully established a position in acrylic sheets for visual communication, interior design, industrial applications and the sanitary ware industry through the integration of Athlone Extrusions (2017) and Polycasa (2015). The acquisition of Lucite Acrylic Sheets will further strengthen the 3A Composites product range. The acquired business has a total of around 330 employees.

3A Composites anticipates that the incorporation of Lucite Acrylic Sheets into the dedicated multi product sheet activities of the 3A Composites division will lead to significant opportunities for further product development and expansion outside the UK.

For further information please contact:
Martin Klöti, CFO
Tel. [phone], Fax [phone], [e-mail]

Schweiter Technologies AG, Hinterbergstrasse 20, 6312 Steinhausen, Switzerland
Telefon [phone] Fax [phone] [e-mail]
www.schweiter.com

Please find the Media release in the PDF attached:

Media release (PDF)

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Source: Schweiter Technologies via Globenewswire