Ad-hoc: Mutares sells EUPEC Germany

Disclosure of an inside information according to Article 17 MAR

Mutares has sold EUPEC Germany, a non-operating company that owns a concrete weight coating plant for gas pipelines in Mukran, Germany, for EUR 19.5m to the Malaysian Wasco Group which will utilize the plant for the “Nord Stream 2” project. Through earn-out payments until 2019, the purchase price can rise up to EUR 32m in total.

The operating business of EUPEC France, which generated revenues of EUR 72m and operating earnings of EUR 13m in 2015 by coating oil and gas pipelines, remains a part of the Mutares Group. EUPEC France was hit by the downturn of the oil and gas market in 2016, but expects for 2017 a stabilization in a slightly growing market.