Sulzer Sells Of Its Metco Division To Oerlikon
Sulzer has successfully completed the sale of its Metco division to Oerlikon. This sale was announced on January 31, 2014. The transaction is based on an enterprise value of CHF 1 billion.
Sulzer’s net cash proceeds after all taxes will be approximately CHF 850 million. Sulzer CEO Klaus Stahlmann said, “This transaction is an important step towards focusing Sulzer’s activities on three attractive key markets—oil and gas, power, and water. Sulzer intends to serve customers in its key markets as one focused company, achieving collaborative advantages and synergies across its businesses by leveraging its product portfolio, capabilities, and expertise.”
After the divestment, almost 80 percent of Sulzer’s sales are in the three key markets. Sulzer intends to use the funds generated from the divestment for targeted acquisitions and further investments towards organic growth in these pivotal markets.
Sulzer will report its midyear results 2014 on July 22, 2014 along with the results of Sulzer Metco as discontinued operations.