On 7 September, Gamma Holding sold Vlisco Group to Actis, an emerging markets
private equity investor, for an amount of € 118 million. The real estate in
Helmond, Netherlands, will remain the property of Gamma Holding and will be let
out to Vlisco Group. A long-term lease with a market-rate rent, to be indexed
annually, has been agreed.
In 2009 the activities sold represented an annual turnover of € 168.3 million
and EBITDA 1 excluding restructuring expenses of € 28.2 million. Vlisco Group
has 2,103 employees. The sale will not have any impact on jobs. The Works
Councils concerned have issued a positive opinion regarding the takeover.
Actis manages $ 4.8 billion for over 100 institutional investors and invests in
various emerging markets, including Africa. Jan Albers, chairman of the
Executive Board of Gamma Holding: 'Due to its strong local African presence,
Actis is excellently placed to successfully pursue Vlisco Group's growth
strategy and to safeguard the continuity of the company. In this respect, Actis
will continue the transformation already under way toward a brand-oriented
organisation and maintain the current production locations in the Netherlands,
Ghana and Cote d'Ivoire. In this way, we have been able to do justice to the
interests of all stakeholders.'
With the sale of Vlisco Group, Gamma Holding will improve its debt position. The
book profit to be realised and the resulting shortening of the balance sheet
will more than double the solvency of the company from 13.5% at 30 June 2010 to
approximately 30% at 31 December 2010. With regard to the business units
Ammeraal Beltech, Clear Edge Filtration, Dimension-Polyant and Bekaert Textiles,
Gamma Holding will continue to focus on optimising business processes and
strengthening market positions. Improving the balance sheet ratios has increased
Gamma Holding's financial strength.
Gamma Holding will publish its trading update on the third quarter of 2010
before the opening of the stock exchange on Friday 29 October 2010.
Executive Board of Gamma Holding N.V.
Helmond, 8 September 2010
Profile
Gamma Holding is active in 34 countries with some 4,500 employees and consists
of four business units: Ammeraal Beltech, Clear Edge Filtration,
Dimension-Polyant and Bekaert Textiles Group. These business units develop,
manufacture and sell innovative, high-quality products throughout the world,
varying from process and conveyor belts and filtration products to sailcloth and
mattress ticking. With these activities, the business units of Gamma Holding
hold prominent market positions worldwide. The Company's headquarters are
located in Helmond (Netherlands) and its shares are listed on Euronext
Amsterdam.
For more information, see www.gammaholding.com.
 1 Group result before income tax, interest, depreciation/amortisation and
impairment of property, plant and equipment and intangible assets
[HUG#1443042]
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