Following approval from the competent antitrust authorities in late November, the sale of all shares in the subsidiary Jena-Optronik GmbH, which operates the Group's space business, to EADS Astrium was completed on December 3, 2010. As the sale, in line with expectations, took place in the 4th quarter of 2010, Jenoptik is now anticipating a Group EBIT inclusive of all one-off effects, in particular from the sale of Jena-Optronik GmbH, of around 50 million euros in total in fiscal year 2010.
The cash inflow from the sale reduced the net debt of the Jenoptik Group to below 100 million euros. The incoming funds will be used, among other things, to finance investments to increase capacity in the areas of optics, diode lasers and energy systems. In addition, early repayments of financial liabilities are planned. Jenoptik's international presence, especially in North America and Asia, is also due to be expanded. In November 2010, Jenoptik expanded its presence in Japan together with its long-standing partner Kantum Electronics. Jenoptik acquired the majority stake in JENOPTIK Japan Co. Ltd., the joint venture with Kantum Electronics. The incoming funds are also be used to increase the Group's profitability through selected major projects and smaller specific acquisitions as well as to round off the product range and the value-added chain.
The deconsolidation of Jena-Optronik GmbH became effective on November 30, 2010, and will therefore only mean a minimal loss of contributions of Jena-Optronik to sales and earnings in 2010 as a whole. The space business contributed around 30 million euros to sales of the Jenoptik Group in 2009. All 131 employees of Jena-Optronik have been taken on by EADS Astrium
The cash inflow from the sale reduced the net debt of the Jenoptik Group to below 100 million euros. The incoming funds will be used, among other things, to finance investments to increase capacity in the areas of optics, diode lasers and energy systems. In addition, early repayments of financial liabilities are planned. Jenoptik's international presence, especially in North America and Asia, is also due to be expanded. In November 2010, Jenoptik expanded its presence in Japan together with its long-standing partner Kantum Electronics. Jenoptik acquired the majority stake in JENOPTIK Japan Co. Ltd., the joint venture with Kantum Electronics. The incoming funds are also be used to increase the Group's profitability through selected major projects and smaller specific acquisitions as well as to round off the product range and the value-added chain.
The deconsolidation of Jena-Optronik GmbH became effective on November 30, 2010, and will therefore only mean a minimal loss of contributions of Jena-Optronik to sales and earnings in 2010 as a whole. The space business contributed around 30 million euros to sales of the Jenoptik Group in 2009. All 131 employees of Jena-Optronik have been taken on by EADS Astrium
