VOLTABOX AG
DGAP-News: Voltabox AG / Key word(s): Mergers & Acquisitions Voltabox withdraws from purchase of Navitas - Expected approval by US CFIUS Committee not yet received - Forecast for full year remains unchanged Delbrück, 14. November 2018 - Voltabox AG [ISIN DE000A2E4LE9], together with its US subsidiary Voltabox of Texas, Inc., makes use of its contractually agreed right of termination and withdraws from the purchase of Navitas Systems, LLC ("Navitas") with immediate effect. The main decisive factors for this are the fact that, contrary to Voltabox's expectations, the transaction has not yet been approved by the Committee on Foreign Investment in the United States (CFIUS) and that Navitas has not developed in line with Voltabox's expectations. Voltabox previously announced the entry into an agreement to purchase Navitas through its subsidiary Voltabox of Texas, Inc. on June 29th for the equivalent of 37 million euros (43 million dollars). At the time, the parties assumed that the CFIUS procedure would last a maximum of ninety days. CFIUS is a committee of the US government to regulate foreign investments into the United States. Most recently, Voltabox expected to receive approval on November 13th so that the transaction could have been completed in November. Since the repeatedly prospective approval did not take place at yesterday's CFIUS meeting again, the Voltabox Management Board no longer sees sufficient planning security in this respect. In addition, the economic development of Navitas since the conclusion of the purchase agreement has not followed the course expected by Voltabox at the time of the announcement of the acquisition. "Instead of taking over the Navitas product range of battery systems for broad applications in forklift trucks, we will now develop similar systems ourselves and launch them on the market in the coming year", explains Jürgen Pampel, CEO of Voltabox AG. In addition, Voltabox is examining possibilities for cooperation in cell production. Although Navitas' sales cannot be consolidated for the rest of the year as planned, the Management Board confirms its forecast corridor for the year as a whole on the basis of the positive business development. For 2018, Voltabox expects sales of 65 to 70 million euros and an EBIT margin of around 7%.
Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a rapidly growing system provider for e-mobility in industrial applications. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion batteries that are modular and in serial production. The battery systems are primarily used in buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion batteries for select mass-market applications, such as high-performance motorcycles and pedelecs. Voltabox has production sites at its headquarters in Delbrück, Germany, in Austin, Texas, USA, and in Kunshan, China, as well as a development sites in Aachen and Korntal-Münchingen, Germany. Additional information about Voltabox can be found at www.voltabox.ag.
Voltabox AG
14.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Voltabox AG |
| Artegastraße 1 | |
| 33129 Delbrück | |
| Germany | |
| Phone: | +49 (0)5250 9930 964 |
| Fax: | +49 (0)5250 9930 901 |
| E-mail: | info@voltabox.ag |
| Internet: | www.voltabox.ag |
| ISIN: | DE000A2E4LE9 |
| WKN: | A2E4LE |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |
746041 14.11.2018
