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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Arbonia AG    ARBN   CH0110240600

ARBONIA AG (ARBN)
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Arbonia acquires Vasco Group, the market leader for radiators for Benelux

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05/17/2018 | 07:05am CEST

Arbonia acquires Vasco Group, the market leader for radiators for Benelux

Arbon, 17th of May 2018 - Arbonia is taking an active part in the European market consolidation process in the area of design and steel panel radiators by acquiring the Belgian company Vasco Group for its heating, ventilation and air-conditioning technology division (HVAC). The acquisition will expand its geographical footprint and strengthen the division's range of products.

The Vasco Group's markets more or less compliment existing HVAC division markets. While Vasco occupies a leading market position in Belgium and the Netherlands, Arbonia's companies with their brands Kermi, Arbonia, Sabiana and Prolux are active mainly in Germany, Switzerland, Italy, France and Poland. In addition to exploiting markets in the Benelux countries, the HVAC division will be further expanding its market share in France and Germany.

One the one hand, by acquiring the Vasco Group, Arbonia adds the Vasco, Brugman and Superia brands to the division's product portfolio. These are market leading brands in the Benelux countries, where they were established. On the other hand, it also adds premium design radiators to its portfolio, in particular in the higher-priced market segment for the DACH markets, in Eastern Europe, Russia, Asia and in the Middle-East. In parallel, Arbonia also has the opportunity to grow in the market segment of residential ventilation in the area of centralised and decentralised applications, as well as the underfloor heating segment.

By strengthening marketing and cross-selling activities in sales and increased shared value creation in the R&D and Purchasing & Production business units, the HVAC division can benefit from synergies and grow in a sustainable manner to make the Arbonia Group still stronger.

The Vasco Group, with its various companies, will be integrated into the HVAC division. However, they will act autonomously in their markets under the existing Vasco brands. All employment relationships will be transferred over to Arbonia.

The parties have agreed to remain silent regarding the purchase price. The acquisition was financed by Arbonia in mid-April using a bonded loan.

The signing and closing of the acquisition will take place on the Wednesday evening of 16th of May 2018.




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Financials (CHF)
Sales 2018 1 403 M
EBIT 2018 50,7 M
Net income 2018 41,6 M
Debt 2018 68,3 M
Yield 2018 1,53%
P/E ratio 2018 21,56
P/E ratio 2019 20,31
EV / Sales 2018 0,70x
EV / Sales 2019 0,67x
Capitalization 910 M
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Average target price 15,3  CHF
Spread / Average Target 16%
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Alexander von Witzleben Chief Executive Officer
Felix Bodmer Chief Financial Officer
Peter E. Bodmer Independent Non-Executive Director
Markus Oppliger Independent Non-Executive Director
Heinz Haller Independent Non-Executive Director
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