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FLSmidth Company Announcements

FLSmidth sells marine and turbo gear business in Switzerland

23.01.2007
Message to the Copenhagen Stock Exchange, No. 03 - 2007, 23 January 2007

MAAG Gear AG, FLSmidth's Swiss subsidiary, has today agreed with RENK AG, a German gear producer which is part of the MAN Group, to sell MAAG Gear AG's marine and turbo gear activities (see also Stock Exchange Message No. 01 - 2007). The transaction is conditional, inter alia, upon the approval of the authorities and is expected to finally take place by the end of April 2007.
The parties have agreed not to disclose the selling price.
It is RENK's intention to maintain part of the production in Winterthur with a workforce of some 57 people and to continue the global servicing of marine and turbo gears from Switzerland.
 
FLSmidth will in future concentrate the production of gears for the cement and minerals industries at MAAG Gear Zamech, MAAG Gear's Polish company, whose existing production facilities will be upgraded with new advanced technology. To enhance its continuing gear design activities for the cement and minerals industries, MAAG Gear will retain and strengthen its research and development operations in Switzerland.
 
MAAG Gear will in future employ about 220 people in Switzerland and Poland.
 
"We have decided that MAAG Gear should in future concentrate on gears for the cement and minerals industries to align the FLSmidth Group's gear activities with the strategy for the rest of the Group. MAAG Gear will therefore become 100% focused on the Group's main business - the supply of complete plants, machinery, equipment and services to the cement and minerals industries.
 
I am convinced that the sharper focusing, its proven high quality and a recognised brand will give MAAG Gear the best possible conditions for future growth as one of t h e leading providers of gears and services to the cement and minerals industries," says Bjarne Moltke Hansen, Group Executive Vice President, FLSmidth.
 
The transaction is not expected to affect the earnings for 2006 and 2007, but is likely to have a modest positive effect on earnings in the longer term.
 
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Please address any questions regarding this announcement to Group Executive Vice President Bjarne Moltke Hansen, FLSmidth & Co. A/S at +45 36 18 18 00.
 
 
Yours faithfully

Torben Seemann Hansen
Corporate Public Relations