Voest-Alpine, the Austrian steel manufacturing and processing group, is to take over Polynorm, a designer and manufacturer of upper body modules and components for the automotive industry.
Voest-Alpine intends to make a public offer of EUR 70 in cash for each ordinary share or depositary receipt of an ordinary share in Polynorm. The intended offer values all issued and outstanding ordinary shares in Polynorm at approximately EUR 127 million.
The Voest-Alpine group is Austria’s largest steel producer and one of Austria’s largest industrial enterprises. In the 2000/2001 business year, 15,658 employees achieved an operating profit of EUR 258 million and a net profit of EUR 179 million at a turnover of EUR 3,166 million.
The Voest-Alpine group is one of Europe’s top-three suppliers of steel sheets to the automotive industry, and the second largest supplier of steel sheets for household appliances. With its four divisions, the group covers flat products, railsystems, automotive and tubes & sections’ markets.
For its part, Polynorm NV has one core activity – it specialises in the design and manufacture of steel, aluminium, plastic and hybrid upper body modules and components for the automotive industry. Polynorm’s clients include BMW, DAF, DaimlerChrysler (Mercedes, Chrysler), FMC (Ford, Jaguar, Volvo), GM (Opel), PSA (Peugeot, Citroen), Renault, Scania and Volkswagen Group (VW, Audi).
The Polynorm group also includes companies that supply products to the construction and installation industries in Europe. In 2000, Polynorm booked an operating profit of EUR 25.7 million, of which EUR 19.8 million from its automotive activities, and a net profit of EUR 13.9 million in 2000. The company generated sales revenues of EUR 469 million in 2000, of which EUR 267 million from its automotive activities.
Voest-Alpine recently established a new Automotive group under which it has grouped its existing and rapidly growing activities in the automotive industry. Polynorm will now be the core operating company in this group. Polynorm will also continue to have its own Supervisory Board following the completion of the proposed transaction.
Wolfgang Eder, Deputy CEO of Voest-Alpine and the Chairman of Voest-Alpine’s Automotive group, will become the new Chairman of Polynorm’s Supervisory Board.