Gelsenkirchen, 19 October 2009. Masterflex AG has concluded a contract for the disposal of its subsidiary Angiokard Medizintechnik GmbH & Co. KG.
The additional inflow of liquidity means that the Company's consolidated net debt will fall to EUR 47.2 million. Masterflex AG has thus already reduced its debt by EUR 10.8 million, respectively just under 20 per cent, within one year.
The rigorous disposal of non-core activities which do not have synergies with the core business, as well as cash flow in the profitable core business and stringent cost management within the Group, have made a significant contribution to reducing debt. In line with international accounting standards (IFRS), EUR 3.5 million is to be written down on a one-off basis as a result of the deconsolidation.
The contract was concluded subject to the usual conditions, e.g. approval by the anti-trust authorities. The transaction is scheduled to be completed towards the end of 2009.
With this disposal, Masterflex AG is pressing ahead with its focus on the profitable High-Tech Hose Systems core business. Rigorously reducing the past high level of debt is an important criterion for achieving this and is coordinated closely with Masterflex AG's financing partners. In addition, the step further reduces the Group's complexity and ensures the sustainability of the Company.
Angiokard is a manufacturer of medical kits and has been part of the Masterflex Group since 2000. In 2008, Angiokard generated revenue of EUR 14.9 million.