Brief: Groclin Unit Sells Assets To Muhr Und Bender KG

Less SA

17/07/2018 09:53

July 17 (Reuters) - GROCLIN SA  GCN.WA :
    * SAID ON MONDAY ITS UNIT, GROCLIN SEDISTEC GMBH (SEDISTEC),
HAS SOLD ASSETS TO MUHR UND BENDER KG, WHICH IS PART OF MUBEA
GROUP
    * THE SOLD ASSETS ARE DEDICATED TO CONDUCTING DEVELOPMENT
WORKS IN
SEGMENT OF SEAT PRODUCTION FOR NEEDS OF AUTOMOTIVE INDUSTRY
    * VALUE OF THE TRANSACTION HAS BEEN SET AT EUR 2.1 MILLION
AND
WILL BE ADJUSTED BY THE VALUE OF WORKS COMPLETED BY SEDISTEC BY
JUNE-END 2018
    * SALE OF ASSETS INCLUDES PROPERTY, PLANT AND EQUIPMENT,
INTANGIBLE ASSETS (INCLUDING KNOW-HOW), INVENTORIES AND
PRODUCTION IN PROGRESS
    * AS PART OF THE AGREEMENT, SEDISTEC HAS BEEN RELEASED FROM
OBLIGATION TO RETURN A LOAN GRANTED TO THE LEGAL PREDECESSOR OF
SEDISTEC BY ULF SCHLENKER OF UP TO EUR 240,000
    * SAYS SALE OF ASSETS WILL NOT TO HAVE NEGATIVE EFFECT ON
SEDISTEC'S OTHER AREAS OF ACTIVITY
    * FUNDS OBTAINED FROM THE SALE OF ASSETS WILL BE USED TO
REPAY
LIABILITIES OF SEDISTEC TOWARDS GROCLIN SA AND ITS UNIT GROCLIN
WIRING SP. Z O.O.

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM4nMTp9a
    
 Further company coverage:  GCN.WA  
   


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