FLSmidth & Co A/S has announced that all conditions and requirements regarding the previously announced Asset Purchase & Transfer Agreement between FLSmidth and KOCH Solutions have been met.
The agreement involves a mix of intellectual property, order backlog, employees and facilities that are part of FLSmidth’s non-core activities (NCA) segment. In accordance with the agreement, the closing of the transaction is set to take place on the first day of the calendar month after which the closing conditions have been met. Accordingly, the closing is expected to be Friday 1 September 2023.
FLSmidth expects to incur total losses for the NCA segment of around DKK1bn (US$145.7m) over the exit period (previously around DKK1.2bn). Further, it is expected that the NCA segment will be exited around end of 2024 (previously towards the end of 2025). The transaction does not impact FLSmidth’s financial guidance for 2023.
Kock Solutions is a materials handling company supplying conveyors, ship unloaders, mining and train loading systems.
