In March 2023, a share repurchase program was started for an amount not exceeding 40 million EUR. As the share price was quoted below its book value, as well as taking into account the liquidity position of the group, the Board of Directors of Tessenderlo Group was of the opinion that it was opportune to proceed with the repurchase of its own shares. By the end of 2023, Tessenderlo Group had acquired 1,149,000 of its own shares at an average price of 28.21 EUR per share, for a total amount of 32.4 million EUR.
Pursuant to the authorization granted by the extraordinary general meeting of May 10, 2022, the Board of Directors of Tessenderlo Group nv decided to cancel in December 2023 1,083,003 treasury shares purchased under the share repurchase program launched in March 2023.
In the fourth quarter of 2023, Tessenderlo Group announced several senior leadership changes as part of a further succession planning for the group. In this context, an exit agreement was concluded with Mr. Stefaan Haspeslagh whereby his respective executive functions as CFO and COO ended on December 31, 2023. Mr. Haspeslagh will continue to serve as Director and Chairman of the Board of Directors until the next General Shareholders' Meeting on May 14, 2024.
KEY EVENTS
After the balance sheet date
On January 1, 2024, Mr. Miguel de Potter has joined Tessenderlo Group as the new Chief Financial Officer (CFO). Meanwhile, Mrs. Sandra Hoeylaerts, who started on September 27, 2023, as Chief HR Officer at Tessenderlo Group, has taken up the position of Chief Transformation Officer (CTO) as from January 1, 2024.
The new ExCom is made up of Mr. Luc Tack (CEO), Mrs. Sandra Hoeylaerts (CTO), and Mr. Miguel de Potter (CFO) as from January 1, 2024, onwards.
Investment in ferric chloride production capacity
In March 2024, Kuhlmann Europe (Industrial Solutions segment) disclosed a strategic move by unveiling an investment of approximately 35 million EUR to expand its current ferric chloride production capacity for iron-based coagulants at its Loos site in France. This investment aims at fortifying Kuhlmann Europe's standing as a prominent coagulant manufacturer in Europe, solidifying the position of the Loos facility as the continent's largest ferric chloride production plant. The construction of the innovative chlorination installation is scheduled to commence by the end of 2024, with delivery anticipated in early 2026.
Construction works on the new plant in Defiance
(Ohio, US) remain on schedule. The Defiance plant will produce the leading liquid and sulfur-based fertilizers Thio-Sul®, KTS®, K-Row 23®, and sulfite chemicals for industrial markets (Agro and Industrial Solutions segments).
The Defiance plant is scheduled to start operations by the end of 2024.
Construction works on the new plant in Geleen (The Netherlands) remain on schedule.
The Thio-Sul® plant in Geleen (Agro segment) is expected to be operational by mid-2024.
Construction works for new Picanol Group HQ are on track
Construction works on the new Picanol Group headquarters (Machines & Technologies segment) in Ieper (Belgium) remain on track.
The opening of the new headquarters is planned for the end of 2024.
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Tessenderlo Group nv is a diversified industrial group. Net sales break down by activity as follows:
- sale of agrochemicals (37.7%): crop nutrients (liquid sulfur fertilizers, solid and soluble potassium sulfate fertilizers, etc.) and crop protection products;
- sale of animal by-products (30.9%): animal fats and proteins, gelatins, collagen peptides, etc.;
- sale of industrial products (28.3%): plastic pipe systems, PVC profiles, performance chemicals (ferric chloride, caustic soda, sodium hypochlorite, hydrochloric acid, sodium sulphide, hydrogen sulphide, calcium chloride, etc.), electrolysis products, specialty chemicals, etc. for the water treatment and transportation, construction, mining, food processing, oil and gas industries, etc.;
- power generation (3.1%).
Net sales are distributed geographically as follows: Belgium (9.1%), France (16.5%), the Netherlands (10.2%), the United Kingdom (4.9%), Spain (3.5%), Germany (3%), Poland (1.5%), Europe (6%), the United States (28.8%), Mexico (3.2%), China (0.7%) and other (12.6%).
TESSENDERLO GROUP NV 
