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Industrial Deals
The Bosch acquisition of Siemens’ stake in BSH Bosch und Siemens Hausgeräte GmbH Robert Bosch GmbH will acquire Siemens’ 50 percent stake in the joint venture BSH Bosch und Siemens Hausgeräte GmbH. The joint venture was created in 1967 and BSH has become Europe’s largest producer of household appliances and a world-leader in its field, with revenue of about €10.5 billion in 2013 and around 50,000 employees worldwide. The purchase price will total €3 billion. The transaction, which still requires regulatory approval, will probably be completed in the first half of calendar year 2015. Under the terms of the agreement, BSH will also be allowed to produce and market household appliances under the Siemens brand over the long term. “BSH has been a successful and profitable company for many years. Strategically and technologically, it is a perfect match for the Bosch Group”, said Volkmar Denner, chairman of the board of management of Robert Bosch. The Siemens accord also allows Bosch to reduce dependence on the auto industry as one of the world’s largest car-parts maker.
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The agreement is Bosch’s second in a week to buy out a joint venture partner, following a deal to gain full control of car steering-systems producer ZF Lenksysteme GmbH. Robert Bosch GmbH was represented in both deals by the Munich office of Gibson, Dunn & Crutcher LLP. The team was led by partner Lutz Englisch who has a long standing relationship with Bosch and included Michael Walther (Partner – IP/Antitrust Law), Hans-Martin Schmid (Partner – Tax Law), Mark Zimmer (Partner – Employment Law) and associates Hubertus Schröder, Marcus Geiss, Sonja Ruttmann, and Georg Zerr (all Corporate/M&A), and Kai Gesing (IP/Antitrust Law). Legal Adviser
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Lutz Englisch
Michael Walther
Hans-Martin Schmid
Mark Zimmer
Lonsdale Capital Partners acquires Suominen Flexible Packaging Lonsdale has announced its acquisition of the flexible plastic packaging businesses of Suominen Corporation. Suominen Flexibles supplies printed plastic film and certain converted products for consumer and industrial applications from three factories in Finland and Poland. It also has sales offices in Sweden and Russia. In 2013, Suominen Flexibles had net sales of c €60 million.
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Lonsdale is acquiring the business for €20 million plus a small earnout. The management team and Suominen Corporation will own significant minority stakes in the business going forward. Debt facilities were provided by Nordea Bank Finland and a vendor loan by Suominen Corporation. The company operates in a sector well-known to Lonsdale, particularly Alan Dargan who has been a principal and advisor for over 25 years in the packaging and paper industry. Alan commented “The existing management team and staff at Suominen Flexibles, led by Reima Kerttula, have grown profits significantly in 2014. Our objective is to build on and grow Suominen Flexibles in the Nordic countries and in central and eastern Europe. We are confident that Suominen Flexibles, led by incoming CEO Borge Kvamme and Deputy CEO Reima Kerttula, with our focus and resources will have a bright future”.
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Borge Kvamme who until recently was CEO of Kobusch, a European flexible packaging business headquartered in Germany, added “We have acquired a group with experienced and ambitious management and staff. The deep knowledge that Suominen Flexibles has of the plastic packaging sector, its core asset, will be strengthened by enhanced customer focus, increased efficiency and a boost in innovation”. Reima Kerttula said that “Lonsdale is the perfect future partner for Suominen Flexibles, providing the focus and resources that Suominen Flexibles deserves in order to fulfill our ambitions in our attractive markets, further develop our operations and serve our customers even better.” n
Lonsdale is the perfect future partner for Suominen Flexibles, providing the focus and resources that Suominen Flexibles deserves” 92 Acquisition International October 2014
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