2 Acquisitions and divestitures of Affiliated Companies
Additions (acquisitions) 2016
Total cash-out for the acquisitions inclusive earn-out payments amounted to CHF 96 million in the year under review.
Acquisition of Georg Fischer Hakan Plastik AS
On 7 March 2016, Georg Fischer Ltd, Schaffhausen (Switzerland), acquired the remaining 10% of the capital of Georg Fischer Hakan Plastik AS, Cerkezköy (Turkey). Georg Fischer Ltd owns now 100% of the capital of Georg Fischer Hakan Plastik AS.
Acquisition of PT Eurapipe Solutions Indonesia
Georg Fischer Ltd, Schaffhausen (Switzerland), acquired 100% of the capital of Eurapipe Holdings Pte Ltd, Singapore (Singapore). With the acquisition of the Eurapipe Holdings 100% of the capital of PT Eurapipe Solutions Indonesia, Karawang (Indonesia), was acquired. The closing date was 4 May 2016.
PT Eurapipe Solutions Indonesia, founded in 1992, generated sales of about CHF 19 million with a workforce of approximately 100 people, in 2015. PT Eurapipe Solutions Indonesia produces and distributes pipes and fittings made from polyethylene for the industry sector. The company holds a leading position in the mining business and other water related market segments.
The following table shows the assets and liabilities assessed at fair value at the time control was acquired. For this presentation, the translation of the original US dollar values into Swiss francs was calculated using the exchange rates of the respective transaction date:
Acquisition of Microlution Inc
Georg Fischer Corporation, El Monte (USA), acquired 100% of the capital of Microlution Inc, Chicago (USA). The closing date was 11 May 2016.
Microlution Inc is a producer of micro-milling machines and laser hole-drilling and laser cutting machines. Microlution Inc, founded in 2005, generated sales of about CHF 9.6 million with a workforce of approximately 30 people, in 2015.
The following table shows the assets and liabilities assessed at fair value at the time control was acquired. For this presentation, the translation of the original US dollar values into Swiss francs was calculated using the exchange rates of the respective transaction date:
Acquisition of Lingyun Jingran Gas Valve Co. Ltd and Shuchang Auto Part Co. Ltd
Georg Fischer Ltd, Schaffhausen (Switzerland), acquired 40% of the capital of Lingyun Jingran Gas Valve Co. Ltd, Langfang (China) and 40% of the capital of Shuchang Auto Part Co. Ltd, Langfang (China). The transaction includes the acquisition of the remaining 10% outstanding shares of the two companies in two years. The closing date was 30 September 2016.
Both companies, Lingyun Jingran Gas Valve Co. Ltd and Shuchang Auto Part Co. Ltd are companies of the Chinaust group, a 50/50 joint venture of GF Piping Systems in China.
Lingyun Jingran Gas Valve Co. Ltd specializes on polyethylene ball valves for gas distribution networks. Shuchang Auto Part Co. manufactures quick connectors for automotive fuel lines. Together, they generated sales of approximately CHF 20 million with a total workforce of approximately 200 employees in 2015. Both have been trusted suppliers of the Chinaust group for years.
The following table shows the assets and liabilities assessed at fair value at the time control was acquired. For this presentation, the translation of the original Chinese renminbi yuan values into Swiss francs was calculated using the exchange rates of the respective transaction date:
Disposals (divestitures) 2016
During the year under review, there were no disposals of Affiliated Companies by divestitures.
Additions (acquisitions) and disposals (divestitures) 2015
In the previous year, there were neither additions of Affiliated Companies by acquisitions nor disposals by divestitures.
