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26.08.2019 16:59:24

DGAP-Adhoc: Vossloh Aktiengesellschaft: Vossloh signs contract on the divestiture of its Locomotives business

DGAP-Ad-hoc: Vossloh Aktiengesellschaft / Key word(s): Mergers & Acquisitions
Vossloh Aktiengesellschaft: Vossloh signs contract on the divestiture of its Locomotives business

26-Aug-2019 / 16:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Today, Vossloh AG signed a contract for the sale of its Locomotives business unit, currently reported as discontinued operations, to CRRC Zhuzhou Locomotive Co., Ltd., Zhuzhou, China (CRRC ZELC), a subsidiary of the China Railway Rolling Stock Corporation Ltd. (CRRC). CRRC is the largest rolling stock manufacturer in the world. The agreed purchase price is still subject to adjustment at the closing date, depending on the development of various balance sheet positions, and is projected to amount to a low single-digit million figure. Vossloh is under this agreement due to receive proceeds from the future sale of certain assets, resulting in expected cash inflows of approx. EUR10 million in the next few years. On this basis, Vossloh expects an additional negative impact on the result from discontinued operations in the amount of approx. EUR30 to 35 million. CRRC ZELC has also contractually agreed to take over all guarantees and sureties that Vossloh AG had taken on for the Locomotives business unit. The economic transfer to the buyer will take place once the transaction is completed. The Supervisory Board of Vossloh AG has already approved the divestiture. Until the transaction is completed, various conditions must still be fulfilled. The transaction is still subject to authorization by the respective authorities in Europe and China, specifically merger control and foreign trade law clearances as well as standard approvals required from the Chinese authorities. Completion is expected in the next few months.


Contact:
Vossloh Aktiengesellschaft
Investor Relations
Dr. Daniel Gavranovic
Phone: +49-2392-52-609
Mail: Investor.relations@vossloh.com

26-Aug-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Vossloh Aktiengesellschaft
Vosslohstr. 4
58791 Werdohl
Germany
Phone: +49 (0)2392 52 - 359
Fax: +49 (0)2392 52 - 219
E-mail: investor.relations@vossloh.com
Internet: www.vossloh.com
ISIN: DE0007667107
WKN: 766710
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 863219

 
End of Announcement DGAP News Service

863219  26-Aug-2019 CET/CEST

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