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The Lenzing Group plans to acquire the remaining 30% of the state-owned enterprise partner, the NCFC, from its Chinese subsidiary Lenzing (Nanjing) Fibers Co. Ltd. Take over (LNF). The Lenzing group today received the draft share purchase agreement. The finalization of the transaction documents is expected by the end of October, said Upper Austria's fiber manufacturer.
"The takeover will have a negative impact of about 21 million euros on the Lenzing Group's results for the 2018 financial year," Lenzing said in a press release. With the complete takeover, it is necessary to promote strategic growth in China and around the world.
"This paves the way for more specialized fiber production lines and Lenzing plans to convert LNF to a specialized fiber hub over time," the company said.
A few days ago, Lenzing's CEO, Stefan Doboczky, announced in Vienna that no capital increase would be necessary for the planned major project in Brazil. The $ 1 billion megaproject will help manage cash flow and the Brazilian partner. The final decision will be taken in 2019.
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(Apa / red)
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