FLSmidth announces fulfilment of the closing conditions for the sale of Non-Core Activities material handling assets to KOCH Solutions
Published by Sol Klappholz,
Assistant Editor
Dry Bulk,
FLSmidth & Co. A/S today announced that all conditions and requirements regarding the previously announced Asset Purchase & Transfer Agreement between FLSmidth and KOCH Solutions have been met (ref. Company Announcement no. 12-2023).
The Agreement involves a mix of intellectual property, order backlog, employees and facilities that are part of FLSmidth’s Non-Core Activities segment. In accordance with the Agreement, the closing of the transaction is set to take place on the first day of the calendar month after which the closing conditions have been met. Accordingly, the closing is expected to be Friday 1 September 2023.
Upon closing of the transaction, FLSmidth confirms the financial impact outlined in previous communication. Consequently, FLSmidth expects to incur total losses for the Non-Core Activities segment of around DKK 1.0 billion over the exit period (previously around DKK 1.2 billion). Further, it is expected that the Non-Core Activities segment will be exited around end of 2024 (previously towards end of 2025).
The transaction does not impact FLSmidth’s financial guidance for 2023 (ref. Company Announcement no. 15-2023).
Read the article online at: https://www.drybulkmagazine.com/material-handling/29082023/flsmidth-announces-fulfilment-of-the-closing-conditions-for-the-sale-of-non-core-activities-material-handling-assets-to-koch-solutions/
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