Conzzeta: Sale of stake in US joint venture Freitag, 11. August 2017 - 07:51

Conzzeta / Key word(s): Disposal/Joint Venture
Conzzeta: Sale of stake in US joint venture

11-Aug-2017 / 06:50 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

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Realignment within FoamPartner business unit
Conzzeta sells stake in US joint venture

Zurich, August 11, 2017 - Conzzeta announces the sale of its 51% stake in
the US joint venture Woodbridge FoamPartner Company, Chattanooga (TN, USA)
and the signing of a supply contract with The Woodbridge Group. This move
will simplify access to the North American market for the FoamPartner
business unit.

The joint venture, founded in 2006 with The Woodbridge Group, manufactured
and processed technical polyurethane foams for the US market. The
reorganization of the existing joint venture structure through the sale to
The Woodbridge Group and the conclusion of a supply agreement will enable
FoamPartner to further develop the American market for foam material
solutions independently, without contractual restrictions. Already on July
21, Conzzeta announced that it was taking over Otto Bock Kunststoff,
including the reorganization of the joint venture structure in China.

Michael Willmore, Conzzeta Group CEO, comments: "With this further step we
are paving the way for additional growth in the USA, where we will
significantly expand our business volume as a result of the transaction
announced on July 21. The restructuring of the two joint ventures will
reduce the complexity of FoamPartner's business in Asia and North America,
its most important growth regions."

The retroactive closing of the transaction per July 1, 2017, will lead in
the second half of the year to a middle single-digit million one-off gain in
the Chemical Specialties segment. In the first half of 2017, the revenue
contribution of the proportionally consolidated Woodbridge FoamPartner
Company was CHF 5.1 million at average profitability for FoamPartner.

For queries and further information, please contact:
Michael Stäheli, Head Investor Relations & Corporate Communications
Phone: +41 44 468 24 49; media@conzzeta.com

About Conzzeta
Conzzeta is a broadly diversified Swiss group of companies. It stands for
innovation, reliability and a long-term perspective. Conzzeta strives for
leading positions in its target markets, above-average growth and long-term
value creation. Over 4200 employees at more than 60 locations worldwide are
dedicated to offering customers innovative solutions in Sheet Metal
Processing, Sporting Goods, Foam Materials, Graphic Coatings and Glass
Processing. Conzzeta is listed on the SIX Swiss Exchange (SIX:CON).


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End of ad hoc announcement

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