Hedehusene, Denmark, 2013-08-19 15:45 CEST (GLOBE NEWSWIRE) --
Release no. 7 – 2013 To NASDAQ OMX Nordic Exchange Copenhagen A/S
This is a translation of the Danish version. Only the Danish version is legally binding.
ROCKWOOL INTERNATIONAL A/S Hovedgaden 584, Entrance C DK?2640 Hedehusene Phone: +45 4656 0300 www.rockwool.com Danish CVR no:54879415
19 August 2013
The ROCKWOOL Group acquires the American ceiling company Chicago Metallic Corporation
The ROCKWOOL Group today announced it has entered into an agreement – on behalf of its ROCKFON Group affiliate - to acquire the American ceiling company Chicago Metallic Corporation (CMC). CMC, headquartered in Chicago, is a global provider of architectural building products and services - including metal panels and ceiling systems, suspended grid systems, and acoustical and sustainable ceiling panels. It has a network of sales and distribution channels throughout North America, Europe and Asia supported by production facilities in China, Malaysia, Belgium and the US.
In 2012, CMC had a turnover of USD 139 million and employed a total of close to 600 employees.The EBITDA ratio has in recent years been around the level of 14%.
Founded in 1893, CMC has been owned by the Jahn family since 1937. Current Chairman and CEO, Charles Jahn commented: “The complementary product and service offerings of ROCKFON and CMC will provide our mutual customers with a wider choice throughout the world. The values of the Jahn and Kähler founding families are strongly aligned and will provide an excellent platform to continue to serve our customers well into the future. We look forward to the exciting growth opportunities to come from this transaction.”
The ROCKWOOL Group takes over the activities, free of debt and cash, for a consideration of USD 140 million.
The acquisition is part of the ROCKWOOL Group’s strategy to globalise and develop its ceiling business which today accounts for approx. 10% of Group revenues. The Group’s ROCKFON suspended ceiling brand already has a leading position in Europe. Commenting on the acquisition, Division Managing Director of the ROCKWOOL Group’s Systems Division, Herman Voortman, said:
“This acquisition complements well the existing ROCKFON business concept. It will allow us to offer and develop more complete solutions to our customers by offering not only ceiling panels but also the metallic grid which is a key element in the suspended ceiling system. Additionally, the acquisition will give a major growth boost to the Group’s ceiling strategy in North America and Asia allowing a significant acceleration to the already on-going expansion into these regions. CMC has a strong organisation and distribution network in both areas and it would have taken us a long time to establish a similar footprint.”
The transaction is expected to be completed over the next months following which ownership of the business will be transferred to ROCKWOOL International A/S. Due to the expected closure late in the year, the acquisition will only have very limited impact on the 2013 accounts of the Group.
Further information: Gilles Maria Chief Financial Officer ROCKWOOL International A/S
