TenCate plans to divest participation in Synbra to Gilde
Royal TenCate is in negotiation with Gilde Buy Out Partners for the divestment is its 50% participation in Synbra Group. Within TenCate the participation in Synbra is included under the item non-consolidated companies.
Gilde manages, also on behalf of the management and other investors, the other 50% of the shares in Synbra and gets herewith complete control.
The envisaged transaction did not yet arrive in a phase that financial details can be given.
The possible sale of the Synbra shares relates to the divestment policy of TenCate. The financial means resulting out of these divestments will be re-invested by way of the "buy and build" strategy of the strategic core activities: protective & outdoor fabrics, aerospace & armour composites, geosynthetics & grass.
Synbra Group (revenues 2005: € 262 mln.) is one of the larger European companies in the field of building insulation and protective packaging based on expandeable polystyrene.
Almelo, June 1, 2006
Royal Ten Cate nv