Auriga Industries A/S divests spraying equipment subsidiary Hardi International A/S to French group Exel Industries

Nordic Business Report, Nov 19, 2007

NORDIC BUSINESS REPORT-19 November 2007-Auriga Industries A/S divests spraying equipment subsidiary Hardi International A/S to French group Exel Industries(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Danish industrial group Auriga Industries A/S announced on Monday (19 November) that it has agreed to sell its spraying equipment subsidiary Hardi International A/S to the French group Exel Industries.

The sales price is based on DKK290m for the shares, corresponding to an enterprise value of approximately DKK745m.

Hardi is an international supplier of crop spraying equipment with some 1,000 employees in nine countries, and with a turnover of approximately DKK1bn.

The divestment is part of Auriga Industries' strategy to focus on its largest subsidiary, the plant protection products producer Cheminova A/S.

Auriga Industries, headquartered in Lemvig, Denmark, currently comprises Cheminova and Hardi, with a total of 2,700 employees in 22 countries, and with a combined turnover of over DKK5bn. The company is listed on the OMX Nordic Exchange in Copenhagen.

One British pound (GBP) is worth approximately 10.41 Danish kroner (DKK).

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