PELIKAN COMPLETES HERLITZ ACQUISITION

[Anonymous]

http://www.opi.net/e_news/april_2010_news/pelikan_completes_herlitz_acquisition
PELIKAN COMPLETES HERLITZ ACQUISITION

April 2010 – Kuala Lumpur,
MalaysiaPelikan’s acquisition of German stationery and OP manufacturer
Herlitz was closed at the end of last week.The transfer to Pelikan of
the 66 percent stake in Herlitz owned by private equity firm Advent was
completed as expected.Pelikan had also announced a voluntary general
offer (VGO) for the remaining 34 percent of outstanding shares, which
closed on 6 April. However, less than 3.5 percent of the shares were
tendered, meaning that Pelikan now controls just under 70 percent of
Herlitz.The low uptake for the VGO did not come as a surprise to
Pelikan.

A company spokesperson told opi.net that the VGO
acceptance level was within expectations based on previous experience.
He also added that Pelikan had no intention of making a new offer for
the outstanding shares at the moment.Going forward, Pelikan said that
both companies are set to capitalise on each other’s distribution
networks, building on their complementary geographical strengths and
main product groups.In terms of logistics, Pelikan has already closed
one of its logistics centres inGermany and started to distribute certain
products out of the Herlitz Falkensee facility which was also part of
the acquisition deal.

Full integration is expected to be
completed by the second half of the year, as the lease for Pelikan’s
logistics facility in Anderten, Germany, expires in June 2010.“The
completion of the Herlitz acquisition marks another important milestone
for the Pelikan Group’s overall growth strategy as we strive to expand
our business globally and serve our markets and customers with a wider
and more comprehensive range of products,” said Loo Hooi Keat, Pelikan’s
President and CEO.“We see great opportunities for further growth by
leveraging our respective strengths and assets in innovation, quality
and distribution in the years ahead.”

Jan von Schuckmann, Herlitz
CEO commented: “A strong player in the European stationery and office
products market has been created by this deal. We are extremely pleased
to have taken this crucial step. Collaborating with Pelikan will most
certainly open up new business opportunities and provide potential for
international growth.”

[Author]

April 26, 2010 at 10:15 AM