Dalhoff Larsen & Horneman A/S (DLH) has today concluded an agreement to sell its Danish Building Materials Division to Saint-Gobain Distribution Nordic AS, a company in the Saint-Gobain Group. The Building Materials Division will thereby become part of the Scandinavian activities of Saint-Gobain, which include the timber merchant chain of Optimera in Norway and Sweden.
Following the sale, DLH will direct its strategic focus to the international trade in timber and timber products, where its annual revenues reach approximately DKK 5.6 billion.
The Building Materials Division, whose parent is DLH Træ & Byg A/S, is Denmark’s third largest capital chain within the building materials trade. The business activities are expected to produce revenue of approximately DKK 1,850 million and EBIT of approximately DKK 80 million in 2007. The division employs approximately 550 staff in 19 timber merchant companies, eleven of which have an affiliated DIY store.
The selling price for the shares in DLH Træ & Byg A/S is expected to be approximately DKK 840 million. DLH will thereby realise one-off income (after transaction costs and provisions etc.) of approximately DKK 600 million, both before and after tax, upon the final transfer in 2008.
The transfer agreement is subject to the outcome of a due diligence process and the approval of the competition authorities. The transaction is expected to be completed in the first quarter of 2008.
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