BAAR, Switzerland, April 26, 2016 /PRNewswire/ --
Ready to benefit from global growth as 100 % owner of Airolux
- ATG to acquire Resilux's 50% stake in Airolux joint venture
- Full control of Airolux allows ATG to reach its next level of growth by increasing production and enhancing its organizational footprint
- ATG looks forward to expanding the use of its revolutionary and worldwide patented Airopack technology to offer leading fast-moving consumer goods companies faster, better and cheaper solutions
- ATG and Resilux to enter into a Global Preferred Supply Agreement of PET preforms
- ATG will commence preparation for a share capital increase to implement its strategic partnership with Apollo
Airopack Technology Group AG ("ATG" or the "Group") is pleased to announce it has reached an agreement regarding the acquisition of 50% of the Airolux AG ("Airolux") joint venture currently owned by Resilux NV ("Resilux"). The acquisition will allow ATG to fully exploit ATG's Airopack technology and unlock its growth potential, reduce cost price, enhance time to market and improve the organizational footprint.
ATG will pay a cash consideration of €25 million to acquire Resilux's 50% stake in Airolux. ATG will also repay Resilux's outstanding shareholder loans and financial debts to Airolux of around €37 million. Furthermore, ATG will enter into a global long-term supply agreement with Resilux under which Resilux will have the first right to supply PET preforms to ATG.
Full ownership of Airolux was a key condition to complete the transaction announced in December in which ATG enters in a strategic partnership with funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, "Apollo").
Commenting on the announcement, Quint Kelders, CEO of ATG, said: "We are extremely pleased to be reaching an agreement with Resilux. This agreement allows us to accelerate on our strategy to further become a key supplier to fast-moving consumer good companies. Our Airopack technology is well developed and ready to be used for large-scale production and various applications. Together with Apollo we can further revolutionize the packaging industry by making dispensers cleaner, safer and more cost effective."
Last year ATG had its breakthrough in the commercial market when its revolutionary technology was embraced by one of the world's leading consumer brands. ATG has now the availability of additional investments and strategic support from Apollo. The company has a clear strategy to be able to provide supply close to where key customers need it as well as the ability to ensure a cost efficient procurement approach which will benefit its customers packaging needs. Next to this the Airopack technology is available for all kinds of applications for products that today still rely on metal and have environmental impact. ATG plans to start two new Airopack Ready to Fill manufacturing sites in the course of 2016; one in North America and another one in The Netherlands.
Airopack Technology Group AG is a leading provider of innovative mechanical and pressure-controlled dispensing packaging technologies and systems. Its customers include worldwide manufacturers and suppliers of cosmetics, body care, pharmaceutical and food products.
The revolutionary and worldwide patented Airopack(R) technology offers a safe, all-plastic pressurized dispenser that is environmentally and planet friendly. With deliveries to the world's leading consumer brands, Airopack Technology Group reached a key milestone in 2015 with respect to commercial market entry when its technology was embraced by one of the world's leading consumer brands.
Airopack Technology Group, listed at the SIX Swiss exchange, is based in Waalwijk, The Netherlands, home to its Global Management, Research & Development and Customer Service functions. In addition, it runs a Full Service Filling operation in Heist-op-den-Berg, Belgium, and a Ready to Fill manufacturing facility in Glarus Nord, Switzerland. Airopack Technology Group plans to start and operate two new Airopack Ready to Fill Manufacturing sites; one in North America and another one in the Netherlands, in the course of 2016.
The shares of the company are listed on the Swiss Reporting Standard of the SIX Swiss Exchange since 2010. (Ticker: AIRN / ISIN: CH0242606942).
SOURCE Airopack Technology Group AG