Schenck Process Group Agrees to Acquire Clyde Process Solutions plc
On December 1st, 2010, the Schenck Process Group announced its agreement with the Board of Clyde Process Solutions plc to make an offer to acquire 100% of Clyde’s shares (“the Acquisition”).
Clyde Process Solutions plc (“Clyde” or “the Company”) is a market leader in air filtration and pneumatic conveying & injection technologies.
The Company is publicly listed in the UK and traded on the Alternative Investment Market (AIM) of the London Stock Exchange. Buyers are formally required to follow a prescribed procedure when attempting to acquire the Company. Accordingly, the Schenck Process Group has formally expressed our intention to acquire the Company via the submission of a so-called “2.5 Announcement”.
Commenting on the Acquisition Dr Jochen Weyrauch, President & CEO Schenck Process, said: “We are delighted to have reached an agreement with the Board of Directors of Clyde Process Solutions and look forward to warmly welcoming Clyde to the Schenck Process Group.
We have studied the proposed Acquisition in great detail and believe its merits are compelling for both Clyde and the Schenck Process Group. We share similar visions and business philosophies and with their market leading MAC Equipment and Clyde Materials Handling brands, our combined product offering strengthens our position to deliver energy saving and environmental solutions to target markets within the Building Materials, Chemical, Food, Metals and Mineral Industries. Furthermore, the geographic reach and product and systems offerings of the Schenck Process Group and Clyde are highly complimentary and fundamental to the strategic rationale for the Acquisition. In particular, given the Schenck Process Group’s penetration of emerging markets, especially China, India and South America, we expect to be able to leverage our position in order to significantly accelerate Clyde’s growth in these increasingly important markets.
As with Clyde, a commitment to the environment runs throughout many of the Schenck Process Group’s focal applications, for example, coal-washing plants to reduce airborne pollution, environmental controls to reduce NOx and SOx emissions and turn-key systems designed to optimise the use of alternative fuels. Therefore, Clyde’s leading air filtration and pneumatic conveying & injection technologies enable us to add further value to the optimisation of our customers’ processes.”
In the desired event that we make positive progress, we will keep our stakeholders informed of the Acquisition process to bring Clyde into the Schenck Process Group.
The Schenck Process Group, headquartered in Darmstadt, Germany, is a global market 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|
|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.