SAN DIEGO - Thursday, August 11th 2011 [ME NewsWire]
(BUSINESS WIRE)-- Bekaert and Saint-Gobain have today signed an agreement regarding the sale of Bekaert's Specialty Films activities to Saint-Gobain Performance Plastics Corporation, an Ohio, US-based corporation of the Saint-Gobain group. The transaction covers the production facilities in San Diego (US), Zulte (Belgium) and Suzhou (China), the operations under development in China, and all sales and service centers worldwide. The deal involves all employees currently working in the Specialty Films platform, which is known as Solar Gard Specialty Films.
Solar Gard Specialty Films is a market leader in the development, manufacture and distribution of window films and other specialty films for automotive, architectural, photovoltaic and custom coating applications.
Saint-Gobain, a market leader in each of the segments where it plays, offers opportunities for synergies that will help strengthen Solar Gard’s leadership position particularly in the architectural and energy market where both companies are committed to building a more sustainable future through the development of energy-efficient products and solutions for professionals and communities around the world.
Bekaert acquired the Specialty Films business in 2001 and under the current management team have developed it into a global market leader. While the business continued to grow successfully, technological synergies within Bekaert have proven to be limited over time. The future growth of Solar Gard can therefore be best secured within the Saint-Gobain group that sees significant product and market synergies for Solar Gard with its Innovative Materials businesses (Performance Plastics and Flat Glass Activities).
The transaction is subject to customary closing conditions. Bekaert and Saint-Gobain expect to close the deal in the course of 2011. Subject to final determination of transaction costs and other expenses, Bekaert expects the transaction to result in a capital gain of approximately EUR [10 million], and in a reduction of Bekaert’s consolidated net debt of approximately EUR [80 million].
About Solar Gard Specialty Films
Solar Gard (www.solargard.com) positively impacts lives with products that protect, save and renew. With environmental responsibility as a core mission, Solar Gard has obtained its Environmental Product Declaration, proving that its architectural solar control window films are carbon negative and reduce global greenhouse gas emissions. Solar Gard products have been manufactured for more than 30 years and are sold in more than 90 countries under the Solar Gard®, Panorama®, Quantum® and Solar Gard Armorcoat® brands.
About Saint-Gobain
Located in 64 countries and with almost 190 000 employees, Saint-Gobain, world leader in habitat, designs, manufactures and distributes building materials, providing innovative solutions to meet the challenges of growth, energy-saving and environmental protection. World leader in high performance plastics, Saint-Gobain Performance Plastics is headquartered in Aurora, Ohio (USA). The company employs 4 400 employees in 15 countries. Its product offer includes films, foams, coated fabrics, bearings, seals and fluid systems. More information can be found at www.saint-gobain.comand www.plastics.saint-gobain.com.
About Bekaert
Bekaert (www.bekaert.com) is a global technological and market leader in advanced solutions based on metal transformation and coatings, and the world's largest independent manufacturer of drawn steel wire products. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing 28 000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4.5 billion in 2010.
Contacts
For Solar Gard
Colleen Sheehan, 978-499-9250 x 242
solargard@matternow.com
@WindowFilmInfo
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