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COLTENE acquires a stake in Brazilian company Vigodent
-Acquisition of a 40% stake in Brazilian Company Vigodent including an option for the remaining 60%
-Strengthening of the market position in Brazil and Latin America
-Product and manufacturing synergies for future expansion in emerging markets
COLTENE Holding AG (SIX Swiss Exchange: CLTN), an internationally leading developer, producer and distributor of dental consumables, acquires the Brazilian company Vigodent in a two-step transaction. With this move, COLTENE strengthens its market position in the largest dental market of Latin America and expands its basis for future growth - especially in Emerging Markets - with direct access to Vigodent's production capacities and its complementing product ranges.
COLTENE Holding AG acquires a 40% stake in the Brazilian company Vigodent SA Indústria e Comércio, Bonsucesso/Rio de Janeiro. The Brazilian company has served as a Coltène/Whaledent distribution partner for many years while specializing in its own manufacture of well-established restorative and prosthetic dental consumables. COLTENE agreed with the owner who will continue to manage the rapidly growing company, that it will expand its stake in the company to 100% over the next two years. In addition, the parties have agreed not to disclose any further details of the transaction.
Vigodent generates sales of approximately BRL 20 million (CHF 11 million) with around 170 employees in Rio de Janeiro. Once fully consolidated, the majority of these sales will be incremental for COLTENE. Through acquiring a dedicated stake in Vigodent, COLTENE is considerably expanding its position in Latin America's largest dental market. The acquisition is expected to be accretive after the first year.
Andreas Meldau, CEO of COLTENE, commented on the signing of the contract: "Our stake not only strengthens our market position in Brazil, it also provides us with a direct access to Vigodent's production capacities and its complementary product lines in the areas of restorative and prosthetic dental consumables. This enhances our growth base for the future expansion - especially in the emerging growth markets."
The share purchase agreement was signed on June 30, 2009, and the transaction is expected to be completed at the beginning of July.
This press release and oral statements or other written statements made, or to be made, by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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