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Swissmetal completes the takeover of Avins (USA), effective 1 January 2007 – Establishes company with focus on global trading activities Swissmetal today concluded the purchase of 100% of the share capital of the American trading company Avins Industrial Products Corp., headquartered in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Warren, New Jersey. At the same time, the company set up Avins International AG in Switzerland, with the aim of bundling all its international commercial activities under the "Avins" umbrella brand. As a result, the US-based Avins Industrial Products Corp. will now also become a subsidiary of the Swiss-domiciled Avins International AG. With this move, Swissmetal intends to round out its core business of production and distribution of its own copper semi-finished goods with products from other companies, thus enabling it to provide its customers with an even more comprehensive range of services and products. The revenues generated by Avins Industrial Products Corp. from the sale of non-Swissmetal products, which are to be consolidated for the first time in the 2007 financial year, came to around CHF 20 million in 2006. Swissmetal expects to be able to significantly expand its global trading activities on the basis of this platform.
For the purposes of acquiring Avins Industrial Products Corp., the Board of Directors of the exchange-listed parent, UMS Swiss Metalworks Holding Ltd, has decided to issue an additional 40,000 bearer shares. Since the Annual General Meeting of Shareholders on 30 June 2006 had already created authorized capital of no more than 2,618,222 shares with a par value of CHF 9.00 to be used for acquisitions and an employee share plan, the capital increase was effected by a simple decision of the Board of Directors via a contribution in kind of part of the Avins Industrial Products Corp. shares and excluding the shareholder subscription rights. |
