IWKA successfully concludes the sale of its packaging division
Already just over three weeks after the execution of the respective agreements and following anti-trust clearance IWKA has successfully closed the sale of its packaging division to funds of the investment company Odewald & Compagnie on April 19, 2007
April 20, 2007
From the sale with a transaction value of approx. 255 million EUR, the IWKA group has gained liquidity of more than 195 million EUR. Gerhard Wiedemann, CEO of IWKA Aktiengesellschaft, commented the finalisation of the sale: "Taking into account our liquidity the group is practically free of debt; the equity ratio has been strengthened and now exceeds 20 %. Thus, IWKA shows a solid financial structure."
As already reported, the sale of the packaging division will generate a substantial book profit after taxes so that the IWKA group expects an earnings contribution from discontinued operations of at least 50 million EUR for the business year 2007.