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Electronics Production | January 16, 2006

Jetter acquires Futronic

Germany based electronic controllers producer Jetter AG announce has acquired 100 % of Futronic GmbH from the French Saint Gobain Group for a total purchase value of 6 Million Euros.
Futronic, a company situated in Baden-Württemberg, is a producer of electronic controllers specialised mainly on the glass container industry. In 2004, Futronic reached sales of EUR 6.3 Mio. and an EBIT of EUR 1.4 Mio. with 45 employees. Sales and result for 2004 are expected in a similar magnitude. The company is debt-free. Saint Gobain, a world market leader in glass container production, sells Futronic in the course of concentration on their core business.

Futronic, which shall be maintained as an independent brand, offers a complementary product range and market access for the medium and lower segment of the controller market for the glass container industry. Jetter is present in the upper segment of this industry through Emhart Glass; the combination of Jetter and Futronic would thus cover the entire market, which has substantial growth potential, especially in areas with lower levels of personnel costs. Synergies are expected especially in the product range and market access, in the medium term also in the areas of development and production, with positive effects on the results.

In connection with financing this transaction, Jetter will increase its share capital from authorised capital . Bucher Industries AG, which is holding 20% in Jetter, shall subscribe a further 143,000 shares at EUR 14.00 per share, bringing their shareholding in Jetter to 23% and procuring EUR 2 Mio. for Jetter. The remainder of the purchase price is equally financed through existing cash and new debt.

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