Heidelberg buys Gallus outright

Heidelberg has increased its one third stake in the Swiss company Gallus Holdings, buying it outright. Heidelberg will carry out a capital increase against contribution in kind from authorised capital with the exclusion of the subscription rights. This will involve issuing new shares to Ferd. Rüesch AG of Switzerland, giving it roughly nine percent of Heidelberg shares, in return for its 70% stake in Gallus, leaving Heidelberg with 100% of the shares in Gallus.

Gallus is a major player in the labels and folding boxes market having generated a turnover of CHF 188 million last year with around 500 staff. This move will give Heidelberg a good platform in digital labelling. Heidelberg has already announced a new digital labelling printer, built on a Gallus platform with Fujifilm inkjet printing to be released later this year.

Ferd. Rüesch AG will take around 23 million shares in Heidelberg, worth at least €2.70 each, which it will commit to hold until 31 July 2015. Heidelberg will also make a cash payment in the amount of a single-digit EUR million sum, depending on the performance of its shares, to Ferd. Rüesch AG.

This deal will mean that Heidelberg’s share capital will be increased by up to €58,880,000.00 to €659,040,714.24 with partial utilisation of the authorised capital. “Both, the enhanced capital structure and the operative synergies will create the room required to further enhance the product and service range of both companies,” said Dirk Kaliebe, CFO at Heidelberg. “This is the starting signal for the profit focused alignment of our portfolio and the steps required in this context.”

 

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