Pechiney recently announced that it has reached an agreement in principle with the Anglo-Dutch group Corus for the proposed acquisition of its aluminium conversion activities. The operation will total approximately 750 million euros, including the absorption of existing debt. Pechiney will take over pension liabilities amounting to EUR 48 m in Dutch GAAP accounts. This acquisition price represents approximately 6.5 times the EBITDA reported in 2001 by the activities acquired, which totaled EUR 116 m (excluding central costs allocated by Corus to its subsidiaries and including pensions charges). This acquisition will be exclusively financed by debt, leading to a pro forma debt-to-equity ratio (as of 30/06/2002) of 0.62. The entities to be acquired reported net sales of 1549 million euros in 2001 with slightly more than 4600 employees. The industrial sites involved are Koblenz, Bonn, Bitterfeld and Vogt in Germany; Duffel in Belgium; as well as a 60% interest in the activities of Cap de la Madeleine in Canada and of Tianjin in China. This acquisition will allow Pechiney to implement its profitable growth strategy in its key aerospace and automotive markets.
For additional information, e-mail Pechiney-IR-Team@pechiney.com or visit http://www.pechiney.com .