KHD Humboldt Wedag International Ltd. Announces the Completion of the Sale of Its World-Wide Coal and Minerals Operations and It
09 10월 2009 - 1:14AM
PR Newswire (US)
NEW YORK, Oct. 8 /PRNewswire-FirstCall/ -- KHD Humboldt Wedag
International Ltd. (NYSE:KHD) ("KHD") and McNally Bharat
Engineering Co Ltd ("MBE") are pleased to announce that MBE's
wholly owned Singapore subsidiary, MBE Holdings Pte Ltd, has
completed the purchase of KHD's coal and minerals operations and
manufacturing facility in Cologne. The transaction is part of KHD's
strategy to focus on its core cement business. KHD intends to
develop an operational structure that is closer to its customers
and has already created new customer service centers around the
world. Part of this focus on the core business will mean a much
greater emphasis on customer services and KHD intends to build a
stronger market presence in the medium term. KHD's goal is to
create one integrated KHD team offering competitive products and
services and to become a customer focused service company providing
environmentally friendly technology. KHD has retained its Roller
Press (HPGR) products and will continue to develop this exciting
product in the minerals sector in the future, where we see numerous
opportunities. This product offers significant energy saving
compared to similar competing technologies and is a good example of
KHD's increased focus on environmentally friendly products. Jouni
Salo President of KHD commented, "The consideration was above the
book value of the assets sold and will result in the transfer of
around 225 employees in the coal and minerals operations and 108 at
the manufacturing facility in Cologne to MBE. KHD would like to
thank these employees for their professionalism during this
transaction, which commenced at the start of 2009, and wish them
every success in the future. We believe that this is a good outcome
for all parties involved and that MBE will be an excellent partner
for the coal and minerals operations and the workshop in Cologne.
The sale of the manufacturing facility in Cologne means that KHD
will no longer have a captive manufacturing base and this will
significantly lower the fixed cost base of our business as well as
giving the company total flexibility to provide the best solutions
for our customers, wherever they are located. We will however
continue to work very closely with MBE in the future as they will
become one of KHD's key suppliers and we look forward to building a
mutually beneficial and long term relationship with them." About
McNally Bharat Engineering Co Ltd McNally Bharat Engineering
Company Ltd. is one of the leading engineering companies in India
engaged in providing turnkey solutions in the areas of power,
steel, alumina, material handling, mineral beneficiation, coal
washing, ash handling and disposal, port cranes, civic and
industrial water supply. About KHD Humboldt Wedag International
Ltd. KHD Humboldt Wedag International Ltd. owns companies that
operate internationally in the industrial plant engineering and
equipment supply industry, and specializes in the cement industry.
The Company has offices in Cologne, Delhi, Dessau, Atlanta and
Vienna, with subsidiaries around the world. To obtain further
information on the Company, please visit our website at
http://www.khd.com/ Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements,
which reflect the expectations of management regarding the
Company's future growth, results of operations, performance and
business prospects and opportunities. The worldwide macroeconomic
downturn has resulted in the prolonging or cancellation of some of
some of our customers' projects and may negatively affect our
customers' ability to make timely payment to us. Further, it may
result in a further decrease in the demand for our products or
services. Any of these may have a material adverse effect on our
operating results and financial condition. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. No assurance can be given that any
of the events anticipated by the forward-looking statements will
occur or, if they do occur, what benefits the Company will obtain
from them. These forward-looking statements reflect management's
current views and are based on certain assumptions. These
assumptions, which include management's current expectations,
estimates and assumptions about certain projects and the markets
the Company operates in, the global economic environment, interest
rates, exchange rates and our ability to attract and retain
customers and to manage our assets and operating costs, may prove
to be incorrect. A number of risks and uncertainties could cause
the Company's actual results to differ materially from those
expressed or implied by the forward-looking statements, including:
(1) a downturn in general economic conditions in Asia, Europe,
Russia, Eastern Europe, the Middle East, the United States and
internationally including, the worldwide economic downturn
resulting from the effects of the subprime lending and general
credit market crises, volatile energy costs, decreased consumer
confidence and other factors, (2) a decreased demand for the
Company's products, including the renegotiation, delay and/or
cancellation of projects by our customers and the reduction in the
number of project opportunities, (3) a decrease in the demand for
cement, minerals and related products, (4) the number of
competitors with competitively priced products and services, (5)
product development or other initiatives by the Company's
competitors, (6) shifts in industry capacity, (7) fluctuations in
foreign exchange and interest rates, (8) fluctuations in
availability and cost of raw materials or energy, (9) delays in the
start of projects included in the Company's forecasts, (10) delays
in the implementation of projects included in our forecasts and
disputes regarding the performance of the Company's services, (11)
the uncertainty of government regulation and politics in Asia and
the Middle East and other markets, (12) potential negative
financial impact from regulatory investigations, claims, lawsuits
and other legal proceedings and challenges, (13) the timing and
extent of the Company's restructuring program and the restructuring
charges to be incurred in connection therewith, and (14) other
factors beyond the Company's control. Additional information about
these and other assumptions, risks and uncertainties are set out in
the "Risk Factors" section in our Form 6-K filed with the
Securities and Exchange Commission and the "Risks and
Uncertainties" section in our MD&A filed with Canadian security
regulators. Contact Information: Allen & Caron Inc. Rene
Randall Joseph Allen (investors) KHD Humboldt Wedag International
Ltd. 1 (212) 691-8087 1 (604) 683-8286 or Len Hall (media) 1 (949)
474-4300 DATASOURCE: KHD Humboldt Wedag International Ltd. CONTACT:
investors, Joseph Allen, +1-212-691-8087, , or media, Len Hall,
+1-949-474-4300, , both of Allen & Caron Inc., for KHD Humboldt
Wedag International Ltd.; or Rene Randall of KHD Humboldt Wedag
International Ltd., +1-604-683-8286, Web Site: http://www.khd.com/
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