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Schouw and Co A/S Completes Sale of Martin Professional to Harman International Industries Inc


Thursday, 28 Feb 2013 07:32am EST 

Schouw and Co A/S announced that it has on December 19, 2012 agreed to divest its wholly-owned subsidiary Martin Professional to Harman International Industries Inc of the United States. All conditions of the agreement have been met, and the sale was closed on February 28, 2013. The transaction represents a total value of DKK 917 million: the parties have agreed to a price of EUR 110 million (approximately DKK 820 million) on a debt-free basis for the entire company excluding Martin's two properties in Frederikshavn, Denmark, which were transferred to Schouw & Co. in connection with the closing. The two properties, which Martin continues to lease, were transferred at a carrying amount of DKK 97 million. The sale of Martin will produce a gain for Schouw & Co. that will be recognized in the financial statements for the first quarter of 2013. The amount of the recognized accounting gain will depend on the recognition of profits during the period until closing, the final calculation of the interest-bearing debt at the closing date as well as the calculation of costs and other adjustments related to the transaction. As previously announced, the overall accounting gain is estimated to be in the region of DKK 250 million. The divestment implies that Martin is reclassified from a consolidated subsidiary to discontinued operations in the Schouw & Co. consolidated financial statements. 

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