Dutch energy company Nuon reaches principal agreement to divest NORIT to Gilde and Euroland Investments
Amsterdam/Utrecht, The Netherlands,
Dutch energy company Nuon and Dutch investors Gilde Investment Management and Euroland Investments today jointly announce that a principal agreement has been reached to divest purification company NORIT N.V. to Gilde and Euroland. It is anticipated the transaction will be completed this year.
NORIT, founded in 1918, is a leading worldwide supplier of purification solutions and turnkey projects in the water, food, beer and beverage industries, operating in over 100 countries. NORIT applies its innovative purification technologies in products, systems and technological solutions. Together with its customers, NORIT meets the ever changing social demands on environment, health care and safety. In 2002, NORIT achieved annual sales of Euro 249 million and a net profit of close to Euro 14 million.
The intended divestment is fully in line with Nuon's strategy, adopted in 2002, to concentrate on production, transport and supply of energy and related products and services in North West Europe.
At Euro 152 million, the price for the NORIT shares is effectively close to the price Nuon paid in December 2000, when the energy company acquired the shares in Norit for EUR 151 million.
NORIT intends to further expand its prominent position in various markets thereby strengthening its global reputation as the leading 'Purification Company'. The new shareholders support this strategy.
Employment at NORIT will not be affected by the intended transaction. The workers councils of Nuon and NORIT have been requested to advise on the transaction. The labor unions have been informed.
About Gilde Investment Management
Gilde Investment Management, with offices in Utrecht (The Netherlands) and Paris (France), has invested in more than 150 companies since its inception in 1982. Gilde is a leading Dutch private equity and venture capital firm with EUR 1.7 billion under management. Recent buy-out investments in Continental Europe include Koninklijke Gazelle, Drie Mollen, Plastal and Soudronic
About Euroland Investments
Euroland Investments is a Dutch investment company in which representatives of NORIT management hold shares.
Nuon is a leading energy company that delivers its products and services to nearly three million customers in the Netherlands and abroad. Nuon is the leader in renewable energy. The company aims to achieve balanced growth for all stakeholders: shareholders, employees, customers and the environment and society. Operating income totalled EUR 4.7 billion in 2002. Nuon employs over 10,000 staff. Its principal shareholders are the Dutch provinces of Gelderland, North Holland and Friesland and the Municipality of Amsterdam.
For more information:
Marieke van Kruiningen, spokes person
Tel: +31 (0)20 597 42 00
Boudewijn Molenaar, Managing Director
Tel: +31 (0)30 219 25 09
René Kuipers, Chairman of the Executive Board
Tel: +31 (0)74 255 07 77