China’s Masterwork Group to acquire 8.5% shares of Heidelberg
On 23 January 2019, Heidelberg announced that it is looking to further improve its market position in the growing packaging printing segment past taking its long-standing sales partnership with Masterwork Group Co., Ltd. (Masterwork), Prc'due south largest manufacturer of die-cutters and hot-foil embossing machines, to a whole new level. Based in the Chinese city of Tianjin, Masterwork is to obtain around viii.5% of the Heidelberg share capital letter under a cash majuscule increase from authorized uppercase excluding shareholder subscription rights.
The implementation of the uppercase increase is subject area to approval past the Heidelberger Druckmaschinen AG supervisory board. The proposed capital increase provides the opportunity for Heidelberg to learn a further strategic anchor shareholder with a long-term investment horizon as well every bit to strengthen its disinterestedness. Subject to approval by the relevant bodies on both sides and the Chinese authorities, the capital measure should provisionally have place by the terminate of the beginning calendar quarter of 2019.
The upshot price of the new shares is gear up to be EUR 2.68. If the marketplace toll significantly outstrips the envisaged issue price, this will be renegotiated in line with statutory requirements. The funds Heidelberg generates with the uppercase increase are to be used to advance its digital agenda (digitizing products, processes, and business models, for instance) and for general business financing. Masterwork supports the Heidelberg strategy and is demonstrating its clear commitment to long-term collaboration. Heidelberg is currently considering and discussing whether it will seek to obtain a shareholding in Masterwork.
The proposed capital increase will make Masterwork a strategic anchor shareholder with a long-term investment horizon. Ferdinand Rüesch of Gallus became the first anchor shareholder with approximately 8% of the shareholding when the family unit-endemic label press manufacturer Gallus was fully acquired by Heidelberg in 2014. On the day of the declaration, 23 Jan 2019, Heidelberg shares were trading at EUR two.08, upwardly twenty.39%.
"The Heidelberg Direction Board and Supervisory Board are delighted that our long-standing, successful collaboration with Masterwork is to go much closer. This opens upwards further potential in the growing packaging printing segment, peculiarly in China – the world'due south largest private market. Nosotros are expecting better capacity utilization at our plants across the world to make us far more efficient, but I would like to stress that this will non weaken our sites in Federal republic of germany. Nosotros are delighted that in Masterwork nosotros are obtaining another long-term investor that firmly believes in the visitor'southward innovative prowess, strategy, and potential for the future," comments Heidelberg CEO Rainer Hundsdörfer.
Masterwork president Li Li spoke of his company's delivery to what it believes is the right fit going forward, "Heidelberg is our ideal partner for jointly leveraging growth potential in the packaging printing market. The pale we are obtaining in this long-established visitor and world market leader underlines that we are in it for the long haul and are confident Heidelberg has adopted the right strategy."
Since Heidelberg gave up its own postpress and converting manufacturing, the two companies have worked together in both manufacturing and worldwide sales. Masterwork acquired Heidelberg'southward dice-cutter and folder-gluer technologies in 2014. Heidelberg has an excellent offset press manufacturing site in Qingpu, near Shanghai, established in 2006. It expects to likewise benefit from joint component manufacturing operations at the Masterwork establish in Tianjin in the time to come.
Source: https://packagingsouthasia.com/packaging-production/chinas-masterwork-group-to-acquire-8-5-shares-of-heidelberg/
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