- Wienerberger and Monier restructure roof tile investments
- Wienerberger transfers concrete roof tile activities (50% of Bramac) to Monier in exchange for an additional 25% stake in Tondach Gleinstätten AG and a cash settlement of € 40 million
Vienna, February 1, 2011 - Wienerberger AG today
announced the acquisition of a further 25% stake in Tondach Gleinstätten as part of a stock swap with the joint venture partner Monier.Wienerberger and Monier previously held common investments in the roof tile business through two joint ventures focused on Eastern Europe. Each of the two groups held 50% of the shares in Bramac (concrete roof tiles) as well as a 25%
stake in Tondach Gleinstätten AG (clay roof tiles). An agreement was signed yesterday, subject to the approval of the responsible antritrust authorities, whereby Monier will take over Wienerberger's holding in the concrete roof tile business, while Wienerberger will receive the stake of Tondach plus a cash settlement of € 40 million. After the approval of this transaction by the antritrust authorities, Wienerberger will hold a 50% stake in Tondach Gleinstätten AG (the remaining 50% of the shares are family-owned) and Monier will own 100% of Bramac. Wienerberger will deconsolidate Bramac, while Tondach Gleinstätten, which was previously accounted for at equity, will be included in results on a proportionate basis of 50%. For Wienerberger 
the transaction should result in 2011 in an increase of € 40 million in net debt and a positive non-recurring effect of € 30 million on earnings. Over the mid-term Wienerberger is expecting the following net effects from this transaction: an increase of approx. € 40 million in group revenues and approx. € 10 million in operating EBITDA.Tondach Gleinstätten: excellent position in clay roof tiles in Eastern Europe
Tondach Gleinstätten has been expanding in Eastern Europe since 1992 and now holds an excellent position on the clay roof tile market in Central and Eastern Europe with 20 plants in 11 countries. In 2009 the company generated revenues of approx. € 200 million with 2,666 employees. Tondach has a strong established reputation for high-quality, innovative products. In recent years the company has made substantial investments to upgrade and expand its production sites and now has a network of modern plants with state-of-the-art equipment.
Tondach and Wienerberger profit from the transaction through combination of clay roof tile expertise
Clay roof tiles are playing an increasingly important role not only in new residential construction but also in the renovation market. Heimo Scheuch explained: "As announced, we plan to strengthen our activities in the renovation market, and this transaction represents a key strategic step in the planned direction. By raising our investment in Tondach, we can bundle our expertise in this area and work more efficiently to develop a joint strategy with the two families who own the remaining 50% of the shares. The Tondach structures are similar to Wienerberger with innovative and high-quality products, a modern industrial base and strong local management. My goal is closer cooperation in the central operating areas, which will allow both companies to profit from the growth in Eastern Europe." Asked about the opportunities in this region, Scheuch was optimistic: "I see significant mid-term potential in these countries, above all because of the pent-up demand for new construction and renovation - and we intend to develop this potential together. There is a clear-cut quality orientation in Eastern Europe and I see Tondach, with its proven quality, innovative products and modern production technology, as the perfect partner for our strategy in this region. Tondach is well positioned thanks to the outstanding efforts of managing partner Franz Olbrich, and I look forward to working more closely with him."
Source Reuters
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