P R E S S R E L E A S E K E N D R I O N N . V .
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Kendrion strengthens its operations in the United States
Kendrion N.V. wishes to announce that it has reached
agreement with Industrial Opportunity Partners regarding the
acquisition of FAS Controls, Inc. FAS Controls is located in
Shelby, North Carolina, United States, generates revenue of
approximately USD 35 million and employs around 200 people.
FAS Controls is active in the automotive and truck market and
supplies high-quality electromagnetic valves, in addition to
pressure switches and lighting modules. The company is a true
niche player, technologically advanced and profitable.
The acquisition of FAS Controls is an ideal fit with
Kendrion's strategy of strengthening its global
position, also in the United States. FAS Controls will be
acquired specifically in order to further strengthen the
operations of Kendrion's business unit Passenger Car
Systems. This business unit has shown rapid growth in recent
years and now has subsidiaries in Germany, the Czech
Republic, Austria and China. Its operations will grow further
in the coming years, partly as a result of projects that have
been acquired last year (including electromagnetic valves for
common-rail systems for gasoline engines and valves for
gasoline direct injection) for American car manufacturers and
system suppliers. These projects will start in 2013 and are
expected to generate total revenue in 2014 of approximately
USD 25-30 million. The acquisition allows Kendrion to
manufacture locally and gives it an excellent opportunity to
win new high-value projects for the US car industry. The deal
moreover offers potential for expanding Kendrion's
position in the truck market.
Bundling the know how of Kendrion and FAS Controls will
further strengthen the technological expertise of FAS
Controls in the US market. The acquisition of this company is
thus an important step in realising Kendrion's strategy
for the coming years.
In consultation with the sellers, no statement regarding the
price of the acquisition will be made at this stage. The
transaction will be settled in cash and will include a
limited earn-out component based on the results of FAS
Controls in 2012. It will be financed within the current
credit agreement. The acquisition has been completed on 27
December 2011. The company will begin to contribute to
Kendrion's earnings per share immediately on completion.
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Profile of Kendrion N.V.
Kendrion N.V., a solution provider, develops, manufactures
and markets innovative high-quality electromagnetic systems
and components for customers all over the world.
Kendrion's operations are carried out by four business
units focused on specific market segments, namely Industrial
Magnetic Systems, Industrial Drive Systems, Passenger Car
Systems and Commercial Vehicle Systems.
Kendrion has leading positions in a number of
business-to-business niche markets. Germany is
Kendrion's main market, although other countries are
becoming increasingly important.
Kendrion develops advanced electromagnetic solutions for
industrial applications. These are used by customers all over
the world in systems such as lifts, door-locking systems,
For more information:
robots, medical equipment, electrical switchbox systems,
diesel engines, air-conditioning
installations, motor cooling systems and beverage dispensers.
Kendrion's key customers include a.o. Bosch, Siemens,
Daimler, Continental, Delphi, Evobus, Hyundai and Yutong.
Kendrion's shares are listed on NYSE Euronext's
Amsterdam market. Zeist, 28 December 2011
Piet Veenema - Chief Executive Officer
Eiko Ris - Chief Financial Officer
Heinz Freitag - Chief Operating Officer
Kendrion N.V. Mr P. Veenema Utrechtseweg 33
3704 HA ZEIST
Tel: +31 - 30 - 699.72.68
Fax: +31 - 30 - 695.11.65
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