Clyde Process Solutions’ Shareholders Vote Overwhelmingly in Favour of Acquisition by Schenck Process Group
Following the posting of the Scheme of Arrangement documentation on 6th January 2011, the shareholders of Clyde Process Solutions plc (“Clyde” or the “Company”) have voted in favour of the proposed acquisition by the Schenck Process Group with 99.95% of the votes cast and 94.44% of those shareholders who voted supporting the deal at the Court meeting held on 28th January 2011. Furthermore, the Schenck Process Group has received clearance for the transaction from the national competition authorities of each of Austria, Cyprus, Russia and Ukraine. It is anticipated that the Scheme of Arrangement will become effective as of 21st February 2011.
Commenting on the result of the Court meeting Dr Jochen Weyrauch, President & CEO of the Schenck Process Group, said: “We are delighted to have received such overwhelming support from Clyde’s shareholders and look forward to warmly welcoming the Company to the Schenck Process Group.
This transaction represents an important milestone in our development and we believe its merits are compelling for both Clyde and the Schenck Process Group. Our combined product offering strengthens our position to deliver energy saving and environmental solutions to key target markets. The complementary nature of the geographic reach and product and systems offerings of the Schenck Process Group and Clyde are fundamental to the strategic rationale for the transaction.”
Through its air filtration and pneumatic conveying & injection technologies Clyde has a strong market position in energy saving and environmental solutions.
The Schenck Process Group, headquartered in Darmstadt, Germany, is a global leader of solutions in measuring and process technologies in industrial weighing, feeding, screening and automation. Schenck Process develops, manufactures and markets a full range of solutions, products and turnkey systems on the basis of combining process engineering expertise, reliable components and field-proven technology.
Schenck Process is organised along International Business Segments, namely:
Heavy: Cement, Gypsum, Sand & Gravel, Steel and NF Metals industries
Light: Chemicals, Food, Pharmaceuticals and Plastics industries
Mining: Mining industries
Power: Coal-Fired Power Plants and associated industries
Transport Automation: Logistical processes – road, rail and port
Employing approximately 2,100 staff, Schenck Process has activities in more than 40 countries and operates 16 state-of-the art assembly facilities globally.