Linde sells its forklift division
November 7th 2006 On the 5th November Linde AG sold its forklift division, KION Group, to a consortium comprising of the financial investors Kohlberg Kravis Roberts & Co. (KKR) and Goldman Sachs Capital Partners at a price of 4 billion euro, subject to approval from the appropriate competition authorities.
The enterprise value of 4 billion euro consists of 3.6 billion net equity plus 400 million euro of net financial liabilities assumed, i.e. the balance of pension obligations, net lease obligations and net liquidity. KKR/Goldman Sachs will honour all the agreements on safeguarding locations made by the Linde Executive Board with employee representatives in summer 2005.
“We are utterly convinced that KKR and Goldman Sachs have the right overall concept for the group,” explained Professor Wolfgang Reitzle, President of the Executive Board of Linde AG. “After carefully examining the options, we have chosen a strong and strategically-oriented partner, who will facilitate a seamless transition and enable KION to continue on its path towards earnings-based growth.”
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