Syndicated loan to back Dürr's growth

02/16/2001

Dürr AG entered into a contract on 15 February 2001 with a syndicate of banks under the auspices of Deutsche Bank AG and Landesbank Baden-Württemberg for syndicated credit facilities worth EUR 200 million and USD 100 million with a five year term. This syndicate of banks consists of altogether 22 domestic and foreign banks. Due to a keen interest, the loan was oversubscribed almost twice.

The loan will be used to finance several acquisitions Dürr concluded over the last two years to sustain its dynamic growth, including a majority stake in the Darmstadt-based Carl Schenck AG (mechatronics group), Alstom Automation S.A. (French painting specialist), Premier Manufacturing Support Services L. P. (US service provider) and the Butzbach-based ABB Paint Automation GmbH, including a license for the RoDip electrocoating process. These acquisitions allowed the technological group Dürr, to round out its systems range for the automotive industry and rank among the world market leaders not only in the painting business but also in final vehicle assembly and the automotive service industry.

Dürr AG is the strategic management holding company of the Carl Schenck group, the business units Paint Systems, Automotion, Environmental, Ecoclean, Services and INTX with global operations in more than 20 countries.

During the financial year 2000 Dürr increased its sales by 54 % to EUR 1,890 million. Dürr's income before tax in 2000 showed a double-digit growth rate compared to 1999 (EUR 35.6 million).