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Frank Heffter
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Tuesday, 02 June 2009 |
OC Oerlikon and RUAG today announced that RUAG will acquire 100% of Oerlikon Space AG.
The undisclosed purchase price will be paid in cash. Closing of the transaction is expected mid 2009, following clearance from the relevant merger control authorities. Oerlikon successfully achieves an additional milestone in focusing of the portfolio around its core competencies. At the same time, RUAG significantly broadens and expands its position in the European and US aerospace industry following the acquisition of Saab Space and Austrian Aerospace in 2008. All 380 employees of Oerlikon Space based in Switzerland will transfer to RUAG after closing of the transaction.
Located in Zurich, Switzerland, Oerlikon Space is one of the major suppliers for Payload Fairings in composite technology. Moreover, the company is a European provider of structures, mechanical and electro-optical subsystems for applications in Space. Due to its relatively small size and limited synergies with the Oerlikon core competencies in interface and surface technologies, Oerlikon Space was defined as a non core business in the course of last year. "The agreement with RUAG fulfils all criteria we have defined for the announced process of controlled divestures at Oerlikon. The transaction strengthens our capital base and deals responsibly with all stakeholders, notably our customers, industrial partners and employees. We are therefore satisfied to have found the right solution for the prosperous future of the Space business", says Dr. Uwe Krüger, CEO of Oerlikon. "We are delighted to have Oerlikon Space to join the RUAG Group. Already today, both companies maintain close relationship, for example RUAG supplying Oerlikon Space in the area of Payload Fairings. The combination of our businesses under one umbrella as a competitive aerospace supplier out of the three countries Switzerland, Sweden and Austria strengthens RUAG's position and opens up new attractive opportunities for our customers and partners as well as our staff," comments Dr. Lukas Braunschweiler, CEO RUAG Holding AG.
About Oerlikon Space AG
Oerlikon Space AG is Switzerland's leading space company. With more than 40 years of heritage in space, Oerlikon Space supplies the payload fairings for the European launchers Ariane 5 and Vega. The company is involved in numerous institutional and commercial space programmes around the world with its ultra-lightweight, high-stability structures, precision mechanisms, and innovative products such as laser terminals for optical communication between satellites.
About Oerlikon
Oerlikon (SIX: OERL) is one of the world's leading international high-tech industrial groups specializing in machine and plant engineering. The company is a leader in the field of industrial solutions and innovative technologies for textile manufacture, thin-film solar and thin-film coating, drive, precision and vacuum systems. With roots in Switzerland and a long tradition stretching back 100 years, Oerlikon is a global player with a workforce of almost 18 000 at 180 locations in 37 different countries. The company's sales amounted to CHF 4.8 billion in 2008 and it ranks either first or second in the respective global markets.
About RUAG
RUAG is an international Technology Group, active in two segments: Aerospace & Technology and Defence & Security. The Group's holding company is based in Berne (Switzerland). RUAG has production sites in Switzerland, Germany, Austria, Hungary and Sweden. RUAG Aerospace, Business Unit Space, has become a major independent supplier in Europe for equipment, mechanisms and structures for satellites and launch vehicles as well as for scientific instrumentation. RUAG Aerospace has sites in Sweden, Switzerland and Austria and employs 650 employees. |
