Edegem/Antwerp, Belgium - London, UK - 10 December 2010 - Hansen Transmissions
International NV. (LSE ticker HSN) ("Hansen Transmissions", the "Company"), an
established global gearbox designer, manufacturer and supplier with a leading
position in the wind turbine gearbox market, today announces the completion of
the Information and Consultation Procedure, as required under Belgian law, in
relation to the offer from Sumitomo Heavy Industries ("Sumitomo HI") for the
Company's industrial business received on 14 October 2010. The signing of the
sale and purchase agreement ("SPA") is scheduled for 20 December 2010.
On 15 October 2010, Hansen Transmissions announced that it had received an offer
(the "Offer) for its industrial gearbox division (Hansen Industrial
Transmissions ("HIT")) from Sumitomo HI (the "Proposed Transaction"), subject to
the restructuring of the plant in Edegem, Belgium. The management team and Board
of Hansen evaluated the Proposed Transaction in detail and believe it presents
an attractive opportunity for both its industrial and wind gearbox businesses.
As a result of the Proposed Transaction, Hansen Transmissions will focus itself
as a pure renewable energy business. The Group's management and Board are
convinced that this is the right strategic path that will lead to a stronger and
more focused position in a sector with substantial long-term opportunities.
The Proposed Transaction is a Class 1 transaction for Hansen Transmissions under
the UK Listing Rules and is therefore conditional upon shareholder approval.
Following the signing of the SPA, a circular will be dispatched to the
shareholders of Hansen Transmissions convening a general meeting at which an
ordinary resolution will be proposed to approve the Proposed Transaction.
Subject to shareholder approval being received and the other conditions to the
SPA being satisfied, the Proposed Transaction is expected to close before the
end of the current fiscal year, ending on 31 March 2011.
For further information, please contact:
+-------------------------------------------------
| Hansen Transmissions International NV |
| |
| Investor Relations |
+--------------------------------------+----------
| Hans Ooms | +32 3 450 58 62 |
| De Villermontstraat 9 | |
| 2550 Kontich - Belgium | |
| hans.ooms.ir@hansentransmissions.com | |
|
ir.hansentransmissions.com/ | |
+--------------------------------------+----------
+---------------------------------------------+
| Maitland |
+--------------------------+------------------+
| Sarah Hamilton | +44 20 7395 0464 |
| shamilton@maitland.co.uk | +44 7836 295 291 |
| | |
| Dan Yea | +44 20 7395 0422 |
| dyea@maitland.co.uk | +44 7595 270 691 |
+--------------------------+------------------+
About Hansen Transmissions
Hansen Transmissions International NV is an established global wind turbine
gearbox and industrial gearbox designer, manufacturer and supplier, with a
leading position (by MW supplied) in the wind turbine gearbox market. The
Company supplies gearboxes to the world's major manufacturers of gear-driven
wind turbines and provides durable gear drives for a wide range of industrial
applications throughout the world. Both Hansen's wind energy and industrial
activities have established dedicated international service networks. In
addition to its principal state-of-the-art manufacturing facilities located in
Flanders, Belgium - i.e. a wind turbine and industrial gearbox plant and a fully
integrated, dedicated wind turbine gearbox manufacturing facility - Hansen has a
production plant for wind turbine gearboxes in Coimbatore, India and an assembly
and testing plant for the Chinese market, located in Tianjin, China. Hansen has
currently wind turbine gearbox manufacturing capabilities of 8,700 MW per annum.
Strong in-house R&D operations maintain Hansen's technological leadership and
the Company employs approximately 2,100 people worldwide.
www.hansentransmissions.com/en/
ir.hansentransmissions.com/
About Hansen Industrial Transmissions
HIT is a global industrial gearbox designer, manufacturer and supplier. The
company supplies for a wide range of industrial applications throughout the
world and has an established dedicated international service network. HIT
operates a manufacturing facility and services centre located in Flanders,
Belgium as well as assembly centres in Australia, Brazil, China, South Africa,
the UK and the US. HIT currently employs 730 people worldwide.
Neither the content of Hansen Transmissions' website nor the content of any
other website accessible from hyperlinks on Hansen Transmissions' website is
incorporated into, or forms part of this announcement.
Merrill Lynch International ("Bank of America Merrill Lynch") is acting
exclusively for Hansen Transmissions in relation to the Proposed Transaction.
Certain statements in this announcement are forward-looking statements. By their
nature, forward-looking statements involve a number of risks, uncertainties or
assumptions that could cause actual results or events to differ materially from
those expressed or implied by the forward-looking statements. Those risks,
uncertainties or assumptions could adversely affect the outcome and financial
effects of the plans and events described herein. Forward-looking statements
contained in this announcement regarding past trends or activities will continue
in the future. Undue reliance should not be placed on forward-looking
statements, which speak only as of the date of this announcement. Except as
required by law or regulation, Hansen Transmissions is not under an obligation
to update or keep current the forward-looking statements contained in this
announcement or to correct any inaccuracies which may become apparent in such
forward looking statements.
Forward Looking Statements
This press release may include statements that are "forward-looking statements".
In some cases, these forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes", "estimates",
"forecasts", "plans", "prepares", "projects", "anticipates", "expects",
"intends", "may", "will", "should" or other similar words. Forward-looking
statements may include, without limitation, those regarding Hansen's financial
position, business strategy, plans and objectives of management for future
operations (including development plans and objectives relating to Hansen's
products) and the wind turbine and gearbox markets. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Hansen, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such forward looking statements are based on numerous assumptions
regarding Hansen's present and future business strategies and the environment in
which Hansen will operate in the future. These forward looking statements speak
only as of the date of this press release. Hansen expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in Hansen's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
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Press Release (PDF):
hugin.info/139494/R/1471325/408155.pdf
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originality of the information contained therein.
Source: Hansen Transmissions International NV via Thomson Reuters ONE
[HUG#1471325]
