Leoni AG: Sale of significant parts of the industrial business to BizLink completed
Closing conditions for sale of Business Group Industrial Solutions fully met
The Business Group Industrial Solutions was part of the Wire & Cable Solutions Division (WCS). The sold activities generated sales of approximately € 430 million in fiscal year 2020 and are valued with an enterprise value of around € 450 million. The cash inflow of more than € 300 million after deductions of, among other things, financial liabilities and pension charges resulting from the closing will be used to improve liquidity.
The completed transaction will thus contribute to significantly improving Leoni’s financial position. With the closing of the sale, a profit of around € 200 million will be accounted for in the Group's reported EBIT. The sale includes around 20 international locations of the Leoni Industrial Solutions business in ten countries with around 3,000 employees.