DLH sells production activities in Congo-Br./Gabon
DLH sells its production activities in Congo-Brazzaville and Gabon and completes its divestment programme
DLH has signed a contract to sell its subsidiary tt Timber International AG, which owns and operates activities in the Congo and Gabon. The buyer is OLAM International Ltd., which is based and listed in Singapore.
The sales price is DKK 220 million (debt-free) and final closing will be in January 2011. The deal will result in accounting gains of approx DKK 50 million. The sale of the activities in the Congo and Gabon completes the first stage of DLH's focus strategy launched less than one year ago.
CEO Kent Arentoft comments:"With the sale of our African activities, we're drawing a line under the successful divestment of non-strategic activities and are, therefore, completing the first stage of DLH's recovery plan. In less than a year, total divestitures and asset reductions have amounted to close to DKK 450 million, exceeding the original target by more than DKK 150 million. As a result, we are financially, organisationally and structurally ready for the next step in DLH's development."
As stated in announcement 18 of 13 December 2010, the successful divestment programme is a key reason for DLH completing its Back to Black strategy one year ahead of schedule and launching the Go to Market strategy. In the years up to 2014, DLH will be positioned as a focused global wholesaler in the market for timber, sheet materials and wood-based products. This will provide a platform for DLH as an undisputed leader in selected markets.
The divested activities in the Congo and Gabon supplied the majority of their production to DLH's sales units and, for the first three quarters of 2010, had an EBITDA of DKK 22 million. As a result of the divestment, the discontinued activities will be excluded from the original EBITDA forecast of DKK 100-110 million. DLH's continuing activities are still expected to achieve an EBITDA in the region of DKK 75 million, as announced in the interim report for the first three quarters of 2010. (Copyright: DLH - Dalhoff Larsen & Horneman A/S - 12/2010)
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