July 17, 2018 / 8:57 AM / 2 months ago

BRIEF-Groclin Unit Sells Assets To Muhr Und Bender KG

July 17 (Reuters) - GROCLIN SA:

* SAID ON MONDAY ITS UNIT, GROCLIN SEDISTEC GMBH (SEDISTEC), HAS SOLD ASSETS TO MUHR UND BENDER KG, WHICH IS PART OF MUBEA GROUP

* THE SOLD ASSETS ARE DEDICATED TO CONDUCTING DEVELOPMENT WORKS IN SEGMENT OF SEAT PRODUCTION FOR NEEDS OF AUTOMOTIVE INDUSTRY

* VALUE OF THE TRANSACTION HAS BEEN SET AT EUR 2.1 MILLION AND WILL BE ADJUSTED BY THE VALUE OF WORKS COMPLETED BY SEDISTEC BY JUNE-END 2018

* SALE OF ASSETS INCLUDES PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS (INCLUDING KNOW-HOW), INVENTORIES AND PRODUCTION IN PROGRESS

* AS PART OF THE AGREEMENT, SEDISTEC HAS BEEN RELEASED FROM OBLIGATION TO RETURN A LOAN GRANTED TO THE LEGAL PREDECESSOR OF SEDISTEC BY ULF SCHLENKER OF UP TO EUR 240,000

* SAYS SALE OF ASSETS WILL NOT TO HAVE NEGATIVE EFFECT ON SEDISTEC’S OTHER AREAS OF ACTIVITY

* FUNDS OBTAINED FROM THE SALE OF ASSETS WILL BE USED TO REPAY LIABILITIES OF SEDISTEC TOWARDS GROCLIN SA AND ITS UNIT GROCLIN WIRING SP. Z O.O.

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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