FUCHS PETROLUB AG, the lubricants company with worldwide operations and headquarters in Mannheim, Germany, is to acquire through its French subsidiary the industrial lubricants business of Parker Hannifin, which operates under the brand name of WYNN'S.
WYNN'S industrial business has a workforce of 76 persons and generated sales revenues of €22.6 million in its 2002/2003 financial year. The assets to be taken over include the company's customer base, expertise and working capital. WYNN'S does not own any production facilities in France.
This acquisition will boost FUCHS' sales of special industrial lubricants in France, and will add to its position as market leader in the field of metal-working fluids worldwide. Last year, FUCHS France sold automotive and industrial lubricants worth €80 million with 342 employees.
The transaction is subject to the approval of the German and French antitrust authorities.
Regarding the financing of this strategically important acquisition, the Supervisory Board today approved the decision by the Executive Board to carry out a capital increase with subscription rights in a ratio of 13:1. The subscription prices are to be €40 per new ordinary share and €34 per new preference share. A syndicate under the leadership of WestLB will offer up to 280,737 ordinary shares and up to 270,386 preference shares in FUCHS PETROLUB AG for subscription, probably in the period of November 28 through December 11, 2003. Probably during the period of November 28 through December 9, 2003, the subscription rights will be traded on the Frankfurt Stock Exchange and the Stuttgart Stock Exchange. Depending on the market situation during the course of the aforementioned transaction, the company reserves the right to carry out an additional capital increase without subscription rights with up to 144,607 new preference shares. This option in a volume of approximately 2% of the company's capital stock would create a balance between the numbers of ordinary shares and preference shares that have been issued.
Mannheim, November 25, 2003
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
D-68169 Mannheim
Tel.: +49 621 3802 - 104
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