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Fortec Elektronic AG

ots Ad hoc-Service: Fortec Elektronik <DE0005774103> Fortec AG acquires Altrac AG from Swiss Schaffner-Group

Ad hoc-announcement edited and sent by DGAP. The sender is solely
responsible for the contents of this announcement.
Aschheim (Deutschland) and Dietikon (Schweiz)
(ots Ad hoc-Service) -
- Acquisition of highly profitable Attrac further improves
profitability of Fortec Group - Access to Swiss Market with a total
volume of over 100 million (Mio.) DM - Consolidation of Altrac
beginning October 1, 2000
Fortec AG, Aschheim n. Munich (Germany), on September 30, 2000
will acquire in cash Altrac AG, Dietikon n. Zürich (Switzerland),
from the Swiss Schaffner Group. Altrac is the leading distributor of
power supplies, displays and embedded computers in Switzerland with
estimated annual sales of 12 million (Mio.) DM in 2001. Fortec will
pay in cash, using the pertaining liquidity position in the balance
sheet. A capital increase is not necessary. Altrac will be
consolidated within Fortec Group beginning October 1, 2000. In its
core business Fortec gains access to a new market with a total volume
of over 100 Mio. DM. On request of Schaffner Group, the companies
agreed on non-disclosure of the selling price.
Altrac operates highly profitably at a profit margin even in
excess of the margin of the Fortec Group. In fiscal year 2000/2001
(ending June 30, 2001), Altrac's contribution to earnings before tax
(EBT) of the Fortec Group is expected to exceed Fortec's expenses on
Altrac's goodwill depreciation plus opportunity costs on interest
earnings lost through Altrac's acquisition in cash. The acquisition
further strengthens Fortec's purchasing power. Due to the largely
identical business segments Altrac can be integrated without
incurring additional expenses. Fortec's net income will additionally
benefit from the comparatively low tax rates for the profits gained
in Switzerland.
In fiscal year 2000/2001, Fortec expects sales of over 60 Mio. DM.
Further adding to Fortec's earnings predictability, the acquisition
will improve profitablity of the Fortec Group.
In the past fiscal year 1999/2000 (ending June 30, 2000) Fortec
reached a net income of 2.2 Mio. DM. The dividend will remain stable
at 1 DM per share.
End
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Original-Content von: Fortec Elektronic AG, übermittelt durch news aktuell

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