Oerlikon, Switzerland, has signed an agreement to sell its vacuum business to Atlas Copco, Sweden, to be able to focus on its strategy of growing its global surface solutions and advanced materials businesses. After receiving all the required regulatory approvals in July, the closing of the sale has now been completed.
“The closing of the transaction marks a milestone in our strategy implementation,” says Oerlikon CEO Dr. Roland Fischer. “The demand for surface solutions and advanced materials is growing and offers attractive opportunities. With the sale, we can concentrate our efforts and resources in developing and advancing this business.”
The transaction is based on an enterprise value of $535 million. In the 2016 full-year financial statements, the vacuum business will be reported under discontinued operations. Depending on final adjustments post-closing, Oerlikon expects a net cash impact of around $336 million after transaction and tax costs. The result from discontinued operations in the Group’s 2016 income statement is expected to be approximately $285 million, including deconsolidation effects.
