Oerlikon announce successful sale of the vacuum segment
Oerlikon has announced that it has successfully concluded the sale of the Vacuum Segment to Atlas Copco.
As announced in November 2015, Oerlikon signed an agreement to divest its vacuum business to Atlas Copco. After receiving all the required regulatory approvals in July 2016, the closing of the sale has now been successfully completed.
The divestment is another step in the execution of Oerlikon's strategy to become a global surface solutions and advanced materials powerhouse. The divestment of the vacuum business frees up resources for Oerlikon to invest in its leading businesses and to fund innovation and operational excellence, as well as organic and inorganic growth. The transaction is based on an enterprise value of CHF 525 million. In the 2016 full-year financial statements, the vacuum business will be reported under discontinued operations. Depending on final adjustments post-closing, Oerlikon expects a net cash impact of around CHF 330 million after transaction and tax costs and the result from discontinued operations in the Group's 2016 income statement to be approximately CHF 280 million, including deconsolidation effects. Atlas Copco, a market leader in the vacuum and compressor sector, has taken over all the assets, and the about 1 600 employees of the Vacuum Segment have been transferred to the new owner.
Oerlikon CEO Dr. Roland Fischer said: "The closing of the transaction marks a milestone in our strategy implementation. The demand for surface solutions and advanced materials is growing and offers attractive opportunities. With the sale, we can concentrate our efforts and resources in developing and advancing this business."
