Rheinmetall DeTec sells off civilian fireworks component
04/08/2004
With the sale of Nico Feuerwerk GmbH of Trittau, Germany, Rheinmetall DeTec AG of Ratingen – Europe's leading supplier of ground forces equipment – has completed the process of removing non-core civil-sector product areas from its portfolio.
In order to ensure a smooth transition, control of the company will not be transferred all at once. With retroactive effect on January 1st 2004, Pyro Contact GmbH has taken up an initial 51-percent-share in the unit. Rheinmetall DeTec will continue to hold a 49-percent-interest until March 2005, before transferring its remaining stake in the business (in three blocks) to Pyro Contact GmbH by the end of 2006. Financial backing for the future business is assured by reputable banks.
Thanks to its presence on the Advisory Board of Nico Feuerwerk, Rheinmetall will continue to provide support and assistance during the three-year transitional period. The parties to the contract have agreed not to divulge the sale price.
For Rheinmetall DeTec, the disposal of its civil pyrotechnics unit represents a further step in its systematic policy of focusing on its core competencies in the domain of ground forces technology, in which the group generated sales of around EUR 1.6 billion in 2003.
In future too, the development and production of pyrotechnical products for military and law enforcement applications will continue to be a central competency of Rheinmetall DeTec AG. As a result, the Group's locations at Trittau (near Hamburg) and Silberhütte in the Harz Mountains will go on playing an important role in its Weapons & Ammunition division.
The company provides law enforcement agencies and armed forces around the world with technologically advanced self-protection systems for ground, naval and air applications, as well as successful products in the medium-calibre range.
For over 20 years, the owners of Pyro Contact GmbH have been active in the fireworks field, supplying the needs of private consumers and the public fireworks display segment alike, including major customers in Germany's important New Year's pyrotechnics market.
Contact
Rheinmetall AG
Corporate Sector Defence
Press and Information
Oliver Hoffmann
Rheinmetall Platz 1
40476 Düsseldorf
Germany
Phone: +49 211 473-4748
Fax: +49 211 473-4157
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