3W Power/AEG Power Solutions completes sale of Fluxpower and Primetech to an international industrial Group
5.2.2016 07:00 | Business Wire
3W Power S.A. (ISIN LU1072910919, 3W9K), the holding company of AEG Power Solutions Group, a global provider of power supply solutions and service for critical infrastructure, announces the completion of the sale of its subsidiaries Fluxpower GmbH and Primetech Srl. to an international industrial group.
AEG PS today completed the sale of Fluxpower and Primetech. Of the net proceeds, € 5.0 million will be used to pay down long term debt and the remainder will be reinvested into the Company’s core Industrial UPS business. Under the terms of the Company’s Bondholder agreement (DE000A1ZJZB9), AEG PS will make a pro rata tender offer in February which will reduce the principle amount from € 50 million to € 45 million and cut its interest expense up to € 1.7 million through 2019.
The sale further improves the Company’s balance sheet and reduces operating risk through the continued process of simplifying business activities and improving focus.
Jeffrey Casper, AEG PS CEO explained, “I am very pleased that we have managed to both further simplify our business and find a suitable home for Fluxpower and Primetech. The management teams of Fluxpower and Primetech have been terrific additions to AEG PS these past years. Consistent with our plan to narrow our focus and grow in our core markets of critical infrastructure, these divestments enable us to accelerate our progress.”
The company finished 2015 very much within expectations and has a confident outlook heading into 2016. Despite recent volatility and issues in industrial markets, AEG PS benefits from vertical market and geographic diversification. The core business of critical power is somewhat insulated from volatility because of the mission critical nature of its applications. The Company expects to grow like for like in 2016 and improve its profitability with a medium term outlook of double digit top line growth and improving profit margins toward an EBITDA margin of 10%.
Looking forward, Jeffrey Casper stated, “I am excited about the future of AEG PS. After a long road of operational improvement and restructuring, we have substantially reduced risk, simplified and improved our operations. We have retained, promoted and recruited exceptional talent. This is all beginning to show in improved business performance and a far brighter outlook. Add to the fact that we are in times of economic uncertainty, I believe critical power is an highly attractive place to be.”
A separate notice in the legally required form will communicate the tender offer for bondholders and the relevant aggregate amount in February 2016.
-- End of Announcement --
About 3W Power/AEG Power Solutions:
3W Power S.A. (WKN A114Z9 / ISIN LU1072910919), based in Luxembourg, is the holding company of AEG Power Solutions Group. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9K).
For more information, visit www.aegps.com
This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements, which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties, which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.
For further information, please contact:
Investor Relations for AEG Power Solutions
Christian Hillermann, +49 40 320 279 10
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