Bucher Industries AG and Sacmi Imola S.C.R.L. have signed a letter of intent to negotiate a 100% ownership interest of Sacmi Group in Laeis Bucher Technology GmbH. Laeis Bucher, a subsidiary of Bucher Industries, is a leading global supplier of hydraulic presses, kilns and complete plants for the refractory industry. The intended takeover of Laeis Bucher by Sacmi will result in a leading position for hydraulic presses for the worldwide refractory and tile industries. Within the Sacmi group, Laeis Bucher is foreseen to become the center of competence for presses, kilns and complete plants for the refractory industry. Karl Eping will continue to manage the operations of Laeis Bucher. The transaction is expected to be concluded by the end of the third quarter 2003, after the negotiations of a final contract and the approval of the respective governmental authorities.
Sacmi's website is located at http://www.sacmi.com .