HOMAG Group AG acquires US distribution and service partner / Ad hoc announcement according to Sec. 15 WpHG [“Wertpapier
Shareholding in Stiles Machinery Inc. increased from 26.7 to 100 percent of voting capital
HOMAG Group AG, has by agreement dated today with effect as of February 3, 2014, increased its share in the voting capital of the US distribution and service company Stiles Machinery Inc. from 26.7 to 100 percent. HOMAG Group AG has held shares in Stiles since 1992. The shares were sold by Peter Kleinschmidt who has headed up the company for 39 years and is now retiring from active business. The purchase price in US-Dollar is in the low double-digit million range.
With a 35 percent share of the relevant market, Stiles is the leading distribution and service organization for machines and production lines for the US woodworking industry. With more than 290 employees, Stiles generated annual sales revenue of about USD 158million in 2013, up 22 percent on 2012.
Disclaimer
This ad hoc announcement contains certain statements relating to the future. Future-oriented statements are all those statements that do not pertain to historical facts and events or expressions pertaining to the future such as “believes”, “estimates”, “assumes”, “forecasts”, “intend”, “may”, “will”, “should” or similar expressions. Such future-oriented statements are subject to risks and uncertainty since they relate to future events and are based on current assumptions of the Company, which may not occur in the future or may not occur in the anticipated form. The Company points out that such future-oriented statements do not guarantee the future; actual results including the financial position and the profitability of the HOMAG Group as well as the development of economic and regulatory framework conditions may deviate significantly (and prove unfavorable) from what is expressly or implicitly assumed or described in these statements. Even if the actual results of the HOMAG Group including the financial position and profitability as well as the economic and regulatory framework conditions should coincide with the future-oriented statements in this announcement, it cannot be guaranteed that the same will hold true in the future.