Boryszew has a conditional agreement to sell FŁT to XCC from China

by   CIJ News iDesk III
2021-07-27   10:08
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Boryszew entered into an agreement with Zhejiang XCC Group Co. Ltd. with its seat in China (XCC), a preliminary conditional agreement for the sale of 100% of FŁT Polska shares, Boryszew reported. The total price for the shares and trademarks has been set at PLN 100 million and will be subject to adjustments.

On the basis of the agreement, the company undertook to sell 1,030 shares of the company constituting, as at the date of the conclusion of the Agreement, 100% of the share capital of FŁT, entitling to 100% of votes at the shareholders' meeting, along with the shares in subsidiaries owned by FŁT: FLT-Wälzlager GmbH, FLT & Metals srl, FLT Bearings Ltd, FLT France SAS, FLT (Wuxi) Trading Co., FLT USA LLC (FŁT Group).

At the same time, SPV Impexmetal - a subsidiary of Boryszew - undertook to sell to XCC trademarks related to the activities of FŁT.

The agreement was concluded subject to the fulfillment of the conditions precedent set out therein, including, but not limited to: (i) the condition of obtaining the approvals of the relevant XCC regulatory authorities for the transaction; and (ii) the condition of obtaining the consent of the supervisory board of Boryszewo.

The total price for the shares and trademarks has been set at PLN 100 million and will be subject to adjustments of the value of, among others: mutual settlements between the issuer and FŁT and other adjustments resulting from the terms of the transaction.

The FŁT Group in 2020 had PLN 276.3 million in sales revenues (in 2019: PLN 320.8 million), EBITDA in 2020 was PLN 17.7 million (in 2019: PLN 17.9 million), it announced.

FŁT Polska Sp. z o. o. conducts commercial activities in the following areas: purchase and sale on its own account of bearings and their parts manufactured in Poland for export and the domestic market.

The Boryszew Group is one of the largest industrial groups in Poland, specializing in the production of car components, processing of non-ferrous metals and industrial chemistry. It employs approx. 10 thousand. employees in over 30 plants located in 14 countries, on 4 continents. Boryszew has been listed on the WSE since 1996. Consolidated revenues amounted to PLN 5.55 billion in 2020.

Source: ISBnews