02.01.21
The sale of the Gallus Group by Heidelberger Druckmaschinen AG (Heidelberg) to the Swiss company benpac holding ag has not been completed.
According to Heidelberg, benpac holding ag did not make the purchase price payment of €120 million agreed at closing, although all the necessary conditions were met.
Heidelberg said it had to assume until the very end that the transaction would be completed successfully. Heidelberg said it will assert its rights.
The five sites and around 430 employees of the Gallus Group will remain with Heidelberg.
Heidelberg will continue to handle sales and service for the Gallus portfolio.
Heidelberg said it will now be examining various options for the corporate future of Gallus.
Since March 2020, net debt has been reduced by more than €250 million from a peak of €390 million, and liquidity has been improved by around €450 million, according to Heidelberg.
As a result of the accelerated M&A program, Heidelberg said it will generate proceeds in the mid-double-digit million euro range from the transactions completed in December 2020 alone.