Disposal of subsidiaries Egide UK and Egima
Trappes, November 5, 2013, 6:00 p.m. (CET) - Egide, specialized in hermetic package solutions for sensitive applications, announced the completion of the sale of its two non-strategic subsidiaries, Egide UK and Egima.
Egide UK, a metal injection molding manufacturer of components, originated from the acquisition by Egide in 2002 and was engaged in an activity distinct from the rest of the Group. The subsidiary for which all ownership interests were sold to the management team will henceforth operate under the name of Conway Marsh Garrett Technologies Ltd. This disposal had a positive impact of £0.3 million on the Group's cash position with an additional inflow of £0.1 million from payment of 12 equal monthly installments over 2014.
Egima, a Moroccan company created in 2011, was initially destined to serve as subcontractor for the parent company for the manufacture "low cost" low-tech products. Egide discontinued operations at the Casablanca site in June 2009 that has been leased to Casablanca Aéronautique (subsidiary of Groupe Auvergne Aéronautique) since April 2011. All ownership interests of Egima were sold to its lessee who has taken over the associated bank debt. In this way, Egima's effective disposal will have no impact on the Egide Group's cash position though will significantly reduce its debt.
Philippe Brégi, the Group's Chairman-CEO, commented: "This reorganization will strengthen its balance sheet and refocus operations on its core business: developing and manufacturing hermetic packages for high-end applications where it occupies a key position based on the quality of its products and established reputation for expertise. The Egide SA-Egide USA duo can now concentrate on growing sales and strengthening its technological leadership."
About Egide
Egide SA is a European group with an international dimension, specialized in the manufacture of hermetic packages for sensitive electronic components. Operating in a broad range of high-tech sectors including aerospace, defense, security, aeronautics and telecommunications and with manufacturing bases in France and the United States, Egide is the only pure player in this market niche.
To find out more about Egide: www.egide.fr
Egide is listed on NYSE Euronext Paris(TM)- Segment C
ISIN: FR0000072373 - Reuters: EGID.PA - Bloomberg: GID
Egide renews OSEO certification as an innovative company (entreprise innovante) on June 11, 2012
ISO 9001:2008 and ISO 14001:2004 certified quality and environmental management systems
Contacts
Egide - Finance Department - Philippe Lussiez - +33 1 30 68 81 00 - plussiez@egide.fr
Fin'extenso - Media Relations - Isabelle Aprile - +33 1 39 97 61 22 - i.aprile@finextenso.fr
