Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Company Announcement to the Danish Financial Supervisory Authority No. 29-2012
FLSmidth’s Board of Directors and Group Executive Management are very pleased to report that following the approval by Ludowici’s shareholders on 31 May 2012 and the necessary regulatory and court approvals, FLSmidth’s acquisition of the Australian engineering and equipment supply company Ludowici Limited was completed today, 3 July 2012. The acquisition has been closed at a value of AUD 11.00 per Ludowici share corresponding to an enterprise value of approximately AUD 388m on a cash and debt free basis and equalling an implicit EV/EBITDA multiple in 2011 of 13.4x, based on FLSmidth’s estimate of pro forma 2011 EBITDA of AUD 29m.
Ludowici is the world’s leading provider of coal centrifuges, vibrating screens and complementary wear resistant products and services for the minerals industries. Headquartered in Brisbane, Australia, and with some 450 of its about 1,100 employees, and approximately 65% of its revenue being generated in Australia, the acquisition of Ludowici will significantly expand FLSmidth’s presence in this important mining region. Furthermore, the acquisition will support FLSmidth’s aspiration to expand its Customer Services offering as approximately 60% of Ludowici’s revenue is related to services activities, spare parts and consumables.
It is FLSmidth’s strategy to become a market leader in six focus industries; coal, iron ore, fertilizer minerals, copper, gold and cement. The acquisition of Ludowici will allow FLSmidth to substantially complete its coal processing flow sheet and complement its copper and iron ore processing offerings with leading technologies and brands.
