Wacker Chemie AG
WACKER SUBSIDIARY SILTRONIC ACQUIRES MAJORITY OWNERSHIP OF JOINT VENTURE WITH SAMSUNG IN SINGAPORE
Wacker Chemie AG / Key word(s): Miscellaneous – SILTRONIC INCREASES STAKE IN SILICON-WAFER JOINT VENTURE WITH SAMSUNG TO 78 PERCENT – FOR THIS PURPOSE, SILTRONIC IS TO SUBSCRIBE FOR NEW SHARES AS PART OF A CAPITAL INCREASE – FULLY INTEGRATING THE STATE-OF-THE-ART, COST-EFFICIENT 300 MILLIMETER-WAFER FACILITY STRENGTHENS SILTRONIC’S PROFITABILITY Munich and Singapore, January 24, 2014 – Siltronic AG, a 100-percent subsidiary of Wacker Chemie AG, is taking over a majority stake in its Siltronic Samsung Wafer Pte. Ltd. joint venture. Siltronic and Samsung Electronics Co. Ltd. announced the signing of the relevant contracts today. So far, each company has held a 50-percent stake in the joint venture. Now, Siltronic is to subscribe for new shares as part of a capital increase. It will own 78 percent of the joint venture. Samsung’s stake will decrease to 22 percent as a result. At the same time, the joint venture is to repay all outstanding project loans of some EUR210 million. Siltronic will spend about EUR150 million in total on this. Consequently, the net financial debt of the WACKER Group will climb by the same amount. The full consolidation of the joint venture will increase Siltronic’s EBITDA. With full consolidation, Siltronic would have posted EBITDA of some EUR100 million in 2012 instead of EUR0.7 million as reported. The joint venture will be renamed Siltronic Silicon Wafer Pte. Ltd. Amid the new ownership structure, Samsung will remain one of Siltronic’s key customers for 300 millimeter silicon wafers. The share increase offers WACKER’s subsidiary Siltronic a number of strategic advantages for its global semiconductor business. ‘The transaction gives us majority ownership of one of the most modern, efficient and profitable production sites for 300 mm wafers in Asia,’ explained Dr. Joachim Rauhut, Siltronic’s Supervisory Board chairman and the Executive Board member responsible at Wacker Chemie AG. He sees the acquisition as another logical step in Siltronic’s value-based strategy: ‘By integrating this plant, we are strengthening our 300 millimeter wafer business in Asia. Moreover, since Siltronic’s facilities for producing 200 mm wafers in Singapore are in the immediate vicinity, we will additionally benefit from synergies and cost advantages.’ About Siltronic Samsung Wafer About Siltronic This press release contains forward-looking statements based on assumptions and estimates of WACKER’s Executive Board. Although we assume the expectations in these forward-looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. WACKER does not plan to update the forward-looking statements, nor does it assume the obligation to do so. For further information, please contact: End of Corporate News 24.01.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Wacker Chemie AG | |
Hanns-Seidel-Platz 4 | ||
81737 München | ||
Germany | ||
Phone: | 0049-89-6279-1633 | |
Fax: | 0049-89-6279-2933 | |
E-mail: | investor.relations@wacker.com | |
Internet: | www.wacker.com | |
ISIN: | DE000WCH8881 | |
WKN: | WCH888 | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
End of News | DGAP News-Service |
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