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BRIEF-Semperit Holding and Sri Trang: demerger of the JV Siam Sempermed
January 18, 2017 / 11:12 AM / 8 months ago

BRIEF-Semperit Holding and Sri Trang: demerger of the JV Siam Sempermed

Jan 18 (Reuters) - Semperit Holding AG :

* Semperit AG Holding and Sri Trang sign an agreement on the demerger of the joint venture Siam Sempermed

* Significant one-time accounting effects in 2016/2017

* Semperit will take over the joint Sempermed distribution company in the USA as well as production companies of the Industrial Sector in China

* Sri Trang will take over the joint glove production in Thailand

* The Semperflex joint venture in Thailand will be continued

* Semperit will receive a compensation payment amounting to $167.5 million (about 157 million euros) before taxes

* Together with the demerger, there will be a settlement of the arbitration proceedings and the legal disputes by mutual agreement

* There will be negative special effects of about 30 million to 40 million euros ($32.03 million - $42.71 million) in the consolidated financial statement of 2016

* There will be positive special effects of about 100 million to 115 million euros at closing in 2017

* Closing of the transaction is expected for march 2017 Source text - bit.ly/2iAtsih Further company coverage: ($1 = 0.9365 euros) (Gdynia Newsroom)

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