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Name | Symbol | Market | Type |
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Wt Batterymetal | LSE:WATT | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 17.01 | 16.83 | 16.945 | 0 | 12:04:28 |
RNS No 6816n WATTS BLAKE BEARNE & COMPANY PLC 4th January 1999 Watts Blake Bearne & Co PLC Acquires German Clay and Feldspar Quarries from Villeroy & Boch On 31 December 1998, Watts Blake Bearne & Co PLC ("WBB") completed the acquisition of substantial additional quarries, plant and mineral reserves in Germany. WBB is the world's leading producer of 'ball' or 'plastic' clays for use in sanitaryware, tiles, tableware, and many non-ceramic applications. The acquisition was made from Villeroy & Boch AG ("V&B") through WBB's wholly-owned German subsidiary, Fuchs'sche Tongruben GmBH & Co KG ("Fuchs") at a price of DEM 32.5 million (approximately GBP 11.6 million/EUR 16.6 million at year-end exchange rates). The consideration is payable in cash by 15 January 1999. The purchase price will be satisfied from the Group's existing cash resources, together with additional borrowing from pre- existing, unsecured facilities. Having paid the final instalment for WBB's previous German acquisition (Berggarten and Unnerwald, bought in December 1997) in December 1998, the pro-forma gearing indicated as at 31 December 1998 would have been approximately 50% (31 December 1997 = 30%). The purchased assets include access to 13 million tonnes of raw material resources, all located in Germany. These comprise V&B's ball clay extraction operations (including ball clay quarries at Mogendorf in the Westerwald region and Adendorf, near Bonn), associated contracts and the feldspar quarry "Turkismuhle" near Saabrucken. WBB will take over the contracts of 50 employees of V&B, together with certain distribution and joint extraction agreements. During 1998, the acquired quarries produced gross external revenue of DEM 11 million (V&B figures) and were also the source of raw materials for V&B internally. WBB has secured a long-term supply contract with V&B and expects turnover from the quarries to be approximately DEM 14 million in 1999. The acquisition is expected to reduce substantially the costs necessary to access the high-quality Berggarten reserves (see above), which are immediately adjacent to Mogendorf. Other synergies are also expected which will improve the cost structures of the operations being acquired and thereby optimise return on investment. For commercial reasons, WBB does not disclose divisional profitability; however, incrementally (after amortising the full purchase price on appropriate bases) the operating margin anticipated from the acquired ball clay operations will match the highest level currently earned by any of the Group's operating divisions. At current rates of extraction, the anticipated life of the acquired quarries ranges from approximately 10 years to over 50 years. The transaction is subject to post-merger notification in Germany and clearance by the German competition authorities (Bundeskartellamt). Dr Graham Lawson, WBB's Chief Executive said, "This asset purchase complements our German Division's existing mineral portfolio in the Westerwald, and at the same time reinforces our long-standing relationship with Villeroy & Boch. WBB has always been proud to have such a prestigious customer and we look forward to being their raw material supplier of choice well into the new millenium." Inquiries should be directed to: 1. UK - Graham Lawson (Group Chief Executive) telephone +44 (0)1626 332345 fax +44 (0)1626 332344 2. Germany - Gerhard Hillebrand (Geschaftsfuhrer) telephone +49 (0)2623 830 fax +49 (0)2623 8351 END ACQNFSFLEAKNEFN
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