S & B INDUSTRIAL MINERALS S.A.
S&B industrial Minerals S.A. announces the sale of ERGOTRAK
S&B Industrial Minerals S.A. (S&B) announces that it has signed a definitive agreement for the sale of its commercial subsidiary company ERGOTRAK to SFAKIANAKIS S.A. The completion of the sale transaction will be effected after its approval by the Greek Antitrust Commission and the pertinent regulatory authorities. All necessary approvals are expected to be issued within the next three months. The sale price has been agreed at ?7.5 million and will be paid upon the completion of the sale transaction. ERGOTRAK, fully owned by S&B, is the exclusive representative and distributor in Greece of Cummins (diesel engines and generator sets), Case (construction equipment), Ausa (small construction equipment), Linde (forklifts and material handling equipment), Compair (compressors) and Hitachi (mining equipment). Its central offices and distribution center for spare parts is located in Athens, while the company has its own new modern facilities at Sindos in Thessaloniki and a branch in Heraklion. Since 2003, ERGOTRAK has expanded its activities with subsidiaries in Bulgaria, Romania and Serbia. On a consolidated basis, in 2007 the total turnover was euro 25.8 million and the profits before taxes euro 450 thousand. Its total number of employees is 105.
The SFAKIANAKIS Group is a dynamic and continuously expanding commercial group of companies, with increasing presence in the Greek market, representing several well known brands of vehicles and industrial equipment. Hence, through this transaction, ERGOTRAK will be joining a fast developing Group with similar activities and will, thus, be able to pursue its ambitious growth strategy of the last years even more effectively.
For S&B, the sale of ERGOTRAK completes its strategy for focusing on its core activities of Industrial Minerals and its Purpose: "to provide innovative industrial solutions by developing and transforming natural resources into value creating products". Moreover, the sale proceeds will enhance S&B's available cash flows and its lending capacity for implementing its investment plans.
The SFAKIANAKIS Group is a dynamic and continuously expanding commercial group of companies, with increasing presence in the Greek market, representing several well known brands of vehicles and industrial equipment. Hence, through this transaction, ERGOTRAK will be joining a fast developing Group with similar activities and will, thus, be able to pursue its ambitious growth strategy of the last years even more effectively.
For S&B, the sale of ERGOTRAK completes its strategy for focusing on its core activities of Industrial Minerals and its Purpose: "to provide innovative industrial solutions by developing and transforming natural resources into value creating products". Moreover, the sale proceeds will enhance S&B's available cash flows and its lending capacity for implementing its investment plans.