PKC acquires business unit of Groclin S.A.

The deal includes Kabel-Technik-Polska Sp. z o. o. ('KTP') operating in Poland, which at the time of the closing will own the entire Wiring & Controls business of Groclin S.A. Group. The Wiring & Controls business develops and manufactures electrical cabinets, powerpacks and electrical distribution systems for rolling stock manufacturers. Wiring & Controls business revenue in 2014 totalled some EUR 56 million, normalised EBITDA totalled some 7%, and number of personnel at the end of 2014 totalled about 2'000. The net debt free purchase price is EUR 50 million. The acquisition takes place via a new company, in which PKC Group has an 80% holding and Wiring & Controls business' management has a 20% holding. PKC Group and minority shareholders have agreed on a call option structure, within the framework of which PKC Group will acquire the minority shareholders' shares not before than two years from the closing of the deal.