Article Tools

Polytec Sells Interior Business

Published: December 27, 2011; 17:51 · (Vindobona)

The Austrian automotive component manufacturer sells its Spain-based interior segment. Results for 2011 are confirmed.

Polytec Sells Interior Business / Picture: © Polytec

Polytec said it signed an agreement about the sale of the Zaragozaplant to Celulosa Fabril S.A. The sale of the Zaragoza plant to Celulosa Fabril S.A is the final step in the exit from the interior business. In 2011 the plant will achieve total sales of approx. € 30m with 90 employees. The sale is justified with the “low perspectives for an essential global positioning and the extremely high pressure from competition”

In the whole interior segment, in which 2,000 workers are employed, Polytec realized sales of € 340m in 2010. Polytec´s group sales reached € 770m. The transfer of beneficial ownership (closing) will be effective as of January 1, 2012. The sale of the assets in the course of an asset deal will also result in a minor, positive earnings effect in the first quarter 2012. The sale- and earnings guidance, given in the course of third quarter reporting, can be fully confirmed, Polytec emphasized. For 2011, Polytec expects sales of € 650m. The EBIT margin should reach 5.6% in the first nine months. After an interruption of three years, for 2011 a dividend is expected again.

Fast News Search