Hess subsidiary Vulkan sold

(PresseBox) ( Villingen-Schwenningen, )
There is a first success to be reported in the context of the running M&A process of Hess AG. Located in Hannover, Vulkan in which Hess AG indirectly holds 100% of the shares was sold to the strategic investor Nordeon with effect from 14th March, 2013, saving all of the nearly 20 jobs.

Within Hess Group Vulkan represented efficient, high-quality, but economically priced decorative functional lighting. Nordeon is an international positioned company based in the Netherlands and sites in Germany and France. The company was founded in the course of a spin-off of Philips in Springe in October 2012 and already expanded two months later by taking over the Philips production plant in France. As former luminaire site of AEG and later Philips, Nordeon can draw on the experience of nearly half a century. Since its founding in October 2012, Nordeon pursues ambitious targets in the range of outdoor lighting. "Acquiring Vulkan enables Nordeon to reach these targets considerably earlier", is Pierre van Lamsweerde, CEO of Nordeon Group, pleased.

The sale of Vulkan is also very positive for the temporary insolvency administrator, Dr Wolfgang Bilgery, of the partnership Grub Brugger & Partner in Stuttgart: "We succeeded in securing all jobs with a prospect for Vulkan and its employees". The Nordeon site in Springe is located less than 30 kilometres away from the previous Vulkan headquarters, making it ideal for all parties also from a geographical perspective.

The take-over of Vulkan by Nordeon happened in the course of a so-called asset deal. Both parties have agreed to keep the purchase price confidential. Dr Volker Grub, temporary insolvency administrator of Hess AG, assesses the sale of Vulkan GmbH as a positive step in the context of the further restructuring of Hess Group: "Due to Vulkan's focus, it belonged to the peripheral activities of Hess Group, enabling us now to concentrate on the core activities and core competencies during the ongoing restructuring process."

As already announced the M&A process for Hess AG and for the additional subsidiaries will be further promoted with high pressure.
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