Delivering on strategy
Pfäffikon, Schwyz, Switzerland – March 1, 2019 – Oerlikon (SIX: OERL), a leading technology and engineering group, announced today that it has successfully concluded the sale of the Drive Systems Segment to Dana Incorporated (NYSE: DAN). The agreement to divest was signed and announced in July 2018. After receiving all the required regulatory approvals and satisfying all closing conditions, the closing of the sale is now successfully completed.
“The closing of the transaction marks the next milestone in the execution of our strategy,” said Dr. Roland Fischer, CEO of Oerlikon Group. Following the sale, we will now concentrate our efforts and resources in sustaining the growth and performance of our surface solutions and manmade fibers businesses.”
The transaction frees up resources for Oerlikon to fund innovation, invest in organic and inorganic growth and to further implement digital and operational excellence initiatives to drive future growth. The transaction has an enterprise value of CHF 600 million. In the 2018 full-year financial statements, the drive systems business will be reported as discontinued operations. All financial details and impacts related to the closing of this sale will be provided with Oerlikon’s full-year financial announcement on March 5, 2019.
About Oerlikon
Oerlikon (SIX: OERL) engineers materials, equipment and surfaces and provides expert services to enable customers to have high-performance products and systems with extended lifespans. Drawing on its key technological competencies and strong financial foundation, the Group is sustaining mid-term growth by executing three strategic drivers: addressing attractive growth markets, securing structural growth, and expanding through targeted mergers and acquisitions. A leading global technology and engineering Group, Oerlikon operates its business in two Segments – Surface Solutions and Manmade Fibers – and has a global footprint of over 9 500 employees at 171 locations in 37 countries. In 2017, Oerlikon generated CHF 2.1 billion in restated sales and invested around CHF 100 million in R&D.
Disclaimer
OC Oerlikon Corporation AG, Pfäffikon together with its affiliates, hereinafter referred to as “Oerlikon”, has made great efforts to include accurate and up-to-date information in this document. However, Oerlikon makes no representation or warranties, expressed or implied, as to the truth, accuracy or completeness of the information provided in this document. Neither Oerlikon nor any of its directors, officers, employees or advisors, nor any other person connected or otherwise associated with Oerlikon, shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document.
The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management of Oerlikon. This document contains certain statements related to the future business and financial performance or future events involving Oerlikon that may constitute forward-looking statements. The forward-looking statements contained herein could be substantially impacted by risks, influences and other factors, many of which are not foreseeable at present and/or are beyond Oerlikon’s control, so that the actual results, including Oerlikon’s financial results and operational results, may vary materially from and differ from those, expressly or implicitly, provided in the forward-looking statements, be they anticipated, expected or projected. Oerlikon does not give any assurance, representation or warranty, expressed or implied, that such forward-looking statements will be realized. Oerlikon is under no obligation to, and explicitly disclaims any obligation to, update or otherwise review its forward-looking statements, whether as a result of new information, future events or otherwise.
This document, including any and all information contained therein, is not intended as, and may not be construed as, an offer or solicitation by Oerlikon for the purchase or disposal of, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions.
