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CEAG AG Closes FMP Deal
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| 05/07/2008 |
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| CEAG AG Closes FMP Deal |
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Transfer of mobile telephone chargers business to Flextronics on May 7, 2008
Focus on the FPS business unit in the future
Ostbevern, Germany, May 7, 2008 – CEAG AG, manufacturer of high-quality FRIWO power supplies and chargers, has closed the sale of its FRIWO Mobile Power (FMP) business unit to a subsidiary of Flextronics International Ltd., Singapore. FMP manufactures power supplies and chargers for mobile telephones. Following approval by the antitrust authorities and the fulfillment of other requirements, all FMP operations were transferred to Flextronics effective May 7, 2008. Hence the deal agreed upon on February 7, 2008 was brought to a close within the first half of the year and therefore within the agreed period of time.
The provisional purchase price for the FMP business unit totals around EUR 56 million. The final purchase price will be determined in accordance with the closing balance sheet of the FMP business unit as of April 30, 2008.
As previously announced, following the sale of FMP, CEAG AG will focus resolutely on developing the FRIWO Power Solutions (FPS) business unit. The Management Board expects FPS’s business performance to remain positive. FPS supplies the IT and communications, household appliances and power tools, industrial applications and medical technology markets with custom-made power supplies and chargers as well as with standard products.
For further information please contact:
CEAG AG Gudrun Richter Investor Relations
Tel.: +49 – 2532 / 81-158 eMail: richter@friwo.de
CEAG AG
CEAG AG, General Standard listed, has its registered office in Bad Homburg, Germany, and its headquarters in Ostbevern, Westphalia, Germany. CEAG AG is the holding company of FRIWO Power Solutions (FPS). FPS manufactures custom-made power supplies and chargers for the four segments of IT and communications, household appliances and power tools, industrial applications and medical technology. CEAG AG/the FRIWO Group is present in all major world markets, with state-of-the-art development centers, production and sales in Europe, Asia and North America. FPS’s revenue amounted to EUR 84.3 million in 2007. CEAG AG’s principal shareholder is DELTON AG, holding almost 77% of its capital.
DELTON AG
DELTON AG is a holding company headquartered in Bad Homburg, Germany. With its divisions Pharmaceuticals, Household Products, Logistics and Power Supply, it manages the value-creating investment and entrepreneurial activities of its sole shareholder Stefan Quandt. DELTON AG is active in clearly defined markets offering future growth in which its divisions already hold or are intending to achieve leading positions on an international scale. With a workforce of more than 29,000 employees, the DELTON Group generated sales of around EUR 2.75 billion in fiscal 2007.
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FRIWO