Vaillant Group and Wavin Group complete Hepworth Building Products Transaction
31 March 2005 - Vaillant Group, a family-owned leading heating technology company, and Wavin Group, Europe’s leading supplier of plastic pipe systems to the building, civils and utility sectors, today confirm the completed acquisition of Hepworth Building Products, by Wavin Group.
Following regulatory approvals, the transfer of ownership from Vaillant to Wavin Group is effective immediately.
For further information please contact:
Vaillant Group
• Stefan Jakubik, Press Officer
+49 (0)21 9118 3731
• Julian Walker, Gainsborough Communications
+44 (0)20 7190 1705
Wavin Group
• Herbert van Zijl, Director Corporate Communications
+31 38 429 4201
• Tim Gearey, McCann Erickson Public Relations
+44 (0)7712 557867
Notes:
Vaillant Group (www.vaillant-group.com)
The family-owned Vaillant Group, with its headquarters in Remscheid, Germany, is a worldwide leading manufacturer in the field of domestic heating and comfort. The company generates annual revenues of EUR 1.6 billion and employs over 8,000 people. Vaillant develops and produces products and supplies them to customers in more than 100 countries all over the world.
Wavin Group (www.wavin.com)
Wavin Group, with its headquarters in Zwolle, the Netherlands, is a major supplier of pipe system solutions to the European building, civils and utility markets. The company has sales of over EUR 1.3 billion, currently operates in 27 countries and employs approximately 6,500 people. Outside Europe, Wavin has joint ventures in Australia and New Zealand and has a global network of more than 90 agents, licensees and distributors.
Hepworth Building Products (www.hepworthbp.co.uk)
Hepworth Building Products manufactures and markets a range of plastic, clay and concrete pipe systems for use in the plumbing and above and below ground drainage sectors in the UK, Continental Europe and the Far East. Based in Sheffield, UK, it employs over 1,400 people and had sales of EUR 236 million in 2004.
Vaillant Group well positioned for future growth
Remscheid, 31 March 2005: The family-owned Vaillant Group, a leading European heating technology company, today announced the completion of the sale of its Hepworth Building Products division to Wavin Group. Funds raised from the transaction will be re-invested in the core heating business.
With annual global revenues of €1.6 billion, over 8,000 employees worldwide and annual sales of more than 2.4 million heating appliances, Vaillant Group is a market leader in the domestic heating sector across Europe. In wall-hung boilers, a significant segment of the heating market, Vaillant sells 1.5 million appliances each year and has leading positions in over fifteen European countries.
Dr Michel Brosset and Claes Göransson, joint Managing Directors of Vaillant Group said: “Having successfully supported the growth and development of Hepworth Building Products during our ownership of it since 2001, the sale concludes the restructuring of Hepworth Plc and positions Vaillant Group as a highly focused heating technology company.
Vaillant Group is now well positioned for further growth and set to build upon achievements of the past four years, with greater sales, improved profitability and a strong balance sheet. Concentrating on our core heating technology business, we are set to consolidate our leading positions throughout Europe, actively targeting opportunities in the heating, ventilation and air conditioning sectors.
The acquisition of Hepworth Plc in 2001 and our ambitious programme of change since then has enabled us to deploy our technology and service leadership e
positions throughout Europe. We have more than doubled revenue to €1.6 billion, increased profitability fourfold and, along the way, successfully refinanced the Group. Using cashflows generated by the business, we have halved our external borrowings, and refinanced the remainder in an oversubscribed award-winning international capital markets restructuring. We are now well placed to build further substantial revenue and value growth.
To have completely restructured and harmoniously combined two such culturally different businesses in such a short time is a tribute to the people who work here. It is their continued enthusiasm and support which will enable us to continue to be at the vanguard of the domestic heating markets for years to come. We wish to thank the workforce of Hepworth Building Products for their contributions to the Vaillant Group, and wish them and Wavin every success in the future.”
For further information please contact:
Vaillant Group +49 (0)21 9118 3731
Stefan Jakubik
Gainsborough Communications +44 (0)20 7190 1705
Julian Walker
Notes:
1) Vaillant Group (www.vaillant-group.com)
Headquartered in Remscheid, Germany, the family-owned Vaillant Group, is a world leading manufacturer in the field of domestic heating and comfort.
The Group develops and produces a range of heating products in 7 European countries from 11 Vaillant-owned production sites, 6 R&D sites and 3 joint ventures.
Vaillant Group supplies its range of heating products to customers in more than 100 countries and its eight international brands include:
• AWB, Bongioanni, Bulex, Glow-worm, Hermann, Protherm, Saunier Duval and Vaillant.
Vaillant Group has annual sales of more than 2.4 million heating appliances, including:
• 1.5 million wall-hung gas heating appliances;
• 80,000 floor-standing boilers; and
• over 900,000 other appliances (electric heating appliances, water heaters, storage tanks, solar systems, heat pumps, air conditioning units).
Generating annual global revenues of €1.6 billion and employing over 8,000 people worldwide, the Group is also one of the UK's largest boiler manufacturers - producing over 300,000 wall hung boilers per year. Vaillant Group employs 1,200 people at three UK sites (Belper in Derbyshire, Rochester in Kent and Sheffield in Yorkshire), 200 of whom are in its household products division, Abru (also based in Belper).
2) Key Dates
9 May Annual press conference, Düsseldorf
6 June UK annual press conference, London
7 June French annual press conference, Paris
