ALTANA Completes Acquisition of Electrical Insulation Business from Schenectady International.Business Editors BAD HOMBURG Bad Hom·burg A city of west-central Germany at the foot of the Taunus Mountains near Frankfurt. It is a famous spa and resort. Population: 53,200. , Germany--(BUSINESS WIRE)--Aug. 13, 2003 ALTANA AG (NYSE NYSE See: New York Stock Exchange :AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. ) (FWB (Fixed Wireless Broadband) See fixed wireless. :ALT), Bad Homburg, Germany, announced today, that it has completed the acquisition of the global electrical insulation Electrical insulation A nonconducting material that provides electric isolation of two parts at different voltages. To accomplish this, an insulator must meet two primary requirements: it must have an electrical resistivity and a dielectric strength business from Schenectady International, Inc. (SII SII Servicio de Impuestos Internos (Chile) SII Seiko Instruments, Inc. SII Strong Interest Inventory SII Standards Institution of Israel SII Securities and Investment Institute (UK) ), USA. The acquisition was announced in April 2003. SII achieved sales in this business of about US-$ 90 million in 2002. As part of this transaction, ALTANA Chemie has obtained 100% of the shares in Schenectady Europe GmbH, Hamburg, as well as 83% of the shares in Schenectady Beck India, a company listed on the Indian stock exchange. In addition, ALTANA Chemie has acquired Schenectady International's electrical insulation business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Great Britain, South Africa, Brazil, Mexico, Canada, and Australia and will integrate it into existing companies of the Electrical Insulation business unit of ALTANA Chemie in the United States, Europe, and China. SII will, however, retain the wire enamels business in Germany with a sales volume of approximately US-$ 1.5 million, while the parties are working on a solution to get approval of the German antitrust authorities for this part of the business. Approximately 300 employees as well as three production locations in Germany and India will be transferred to ALTANA Chemie. This press release contains forward-looking statements, i.e., current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA's management as well as assumptions made by and information currently available to ALTANA. Many factors that ALTANA is unable to predict with accuracy could cause ALTANA's actual results, performance or achievements to be materially different from those that may be expressed or implied by such forward-looking statements. These factors include a solution allowing ALTANA to take over the wire enamels business in Germany. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made. This press release is also available on the Internet at www.altana.com. |
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