SARNEN -- As of 30 November, the Sarna Group has sold its subsidiary Sarnatech BNL, Knaresborough (UK), to the British company, Plastics Capital Ltd. Sarnatech BNL will continue at the existing production site with all its employees. It has been agreed not to disclose the selling price. With this disposal, Sarna has now completed the sale of all its companies not belonging to the Sarnafil Division.
Within the framework of its concentration on the Sarnafil Division business, as of 30 November, the Sarna Group has sold its British subsidiary Sarnatech BNL, Knaresborough to British company, Plastics Capital Ltd. Leading designer and manufacturer of innovative plastic bearing solutions, Sarnatech BNL, has a total of 127 employees and generated sales of around 20 million Swiss francs in 2004. Plastics Capital Ltd will take over all the employees and continue production at Knaresborough, UK.
Value adjustment sufficient
Following the sale of Sarnatech BNL, the disinvestment of all companies not belonging to the Sarnafil business has been completed. The achieved company value from selling the automotive companies lies within the expected range. The loss from the sale of Sarnamotive Paulmann & Crone was compensated by the sales profit from Sarnamotive Schenk/Bohemia. Thus, the value adjustments of 75 million Swiss francs made in 2004 are sufficient. Not included in this are the financial risks due to representations and warranties. Transaction and consultancy costs for the disinvestment program amount to approximately eight million francs. As of end 2005, Sarna's net debt will amount to approximately 65 million francs.
About Plastics Capital Ltd
Plastics Capital Ltd is a plastics products manufacturing business that focuses on speciality industrial products. Plastics Capital has been built by acquisition over the last three years; its objective being to buy good businesses with proprietary products and a market leading position, and to develop them further. Sarnatech BNL fits this profile well.
About the Sarna Group
Quoted on the stock exchange, Sarna Polymer Holding Inc. is an internationally active plastics processor with group headquarters in Sarnen, Switzerland. In December 2004, it announced the sale of its automotive activities in order to concentrate on the Sarnafil Division business. Subsequent to the sale of Sarnamotive Switzerland in December 2004, Sarnamotive Paulmann & Crone, Ludenscheid (Germany) was sold as of the end of June 2005. At the end of September, Sarna announced the sale of Sarnamotive America and, in October, of Sarnamotive Schenk/Bohemia (Germany/Czech Republic). After concentrating on the Sarnafil Division business, Sarna occupies around 1,100 employees worldwide and generates sales of around 380 million francs. In Switzerland, the company employs 420 people.
