Part of Philipp Holzmann activities to be continued

Heijmans N.V. (construction, property development and related activities) and the receiver of Philipp Holzmann have reached agreement in broad outlines regarding the takeover of divisions of the branches Dusseldorf, Frankfurt and Munich by Heijmans.

The divisions cover the western and southern region of Germany in the area of, in particular, above-ground structures and engineering (tunnels, bridges, fly-overs, etc.). The takeover, including the previously announced divisions Dubbers Malden, Franki and Grafenwöhr, involves approximately 1,000 jobs.

The divisions to be taken over shall be transferred to an enterprise yet to be founded under the name Philipp Holzmann. This prevents the new company from being encumbered with unknown risks from the past. Turnover in 2003 is expected to be € 325 million, including the divisions previously announced. The finalisation, including the prerequisite authorisation from (government) authorities and the working out of sound financing of the transaction, is expected sometime around 17 June 2002.

Recently, among other things, in the German press, uncertainty has been voiced regarding the possible takeover of divisions from Philipp Holzmann by Heijmans. Heijmans regrets that, for whatever reason, the impression has been created that it plans to takeover the entire Holzmann group. Heijmans emphasises that from the beginning, it has made known its interest in profitable activities or activities free of risks from the past. This concurs with Heijmans’ strategy and risk policy. The company wants to develop into a European player through refortification of its market position in the Netherlands and Germany. It wants to realise this through the acquisition of sound (activities of) companies.

No further announcements shall be made until 17 June.

(source: Heijmans N.V.)

Related News