Uponor Infra divests its North American business
Uponor Corporation Stock exchange release 31 August 2018 23:25 EET
Uponor Infra and Wynnchurch Capital, an American private equity firm, have today signed a business purchase agreement for Uponor Infra’s North American business. The debt and cash free purchase price is CAD 62.5 million (approximately EUR 41 million). The price will be paid in cash. The transaction will have positive impact on Uponor’s cash flow on Q3, but it has no material impact on Uponor’s full-year 2018 comparable operating profit.
In 2017, the net sales of Uponor Infra’s North American business were approximately CAD 120 million (EUR 80 million) and it employed approximately 150 persons. Uponor Infra Oy is a joint venture of Uponor Corporation and the KWH Group. Its ownership is divided between Uponor at 55.3% and KWH Group at 44.7%.
“Since the foundation of Uponor Infra Oy, our strategic focus has been in the European business, where we have possibilities to find synergies with Uponor’s Building Solutions – Europe segment: strong brand and common distribution channels among others. This divestment is a logical step, following the divestments of machinery company Extron Engineering and business in Thailand made in 2015”, comments Jyri Luomakoski, President and CEO, Uponor Corporation.
Uponor will publish illustrative financial information for years 2017 and 2018 reflecting the business without the Uponor Infra’s divested North American business before the company’s Q3 report.
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Uponor in brief
The year 2018 marks Uponor's 100-year anniversary. Our success is built on strong partnerships with our customers and stakeholders in the past, present and future.
Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 4,000 employees in 30 countries, mainly in Europe and North America. In 2017, Uponor's net sales totalled nearly €1.2 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. Uponor builds on you - www.uponor.com