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MEI Online: General Minerals Engineering: Latest News: April 23rd 2007


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:: FLSmidth to Acquire GL&V's Global Minerals Activities

FLSmidth has signed a conditional agreement with the Board of Directors of Groupe Laperriere & Verreault Inc. (GL&V), to acquire the latter's Process Division (GL&V Process) for CAD $950 million in cash on a net debt-free basis. GL&V Process is among the world's leading providers of separation technology for the metal and minerals industries. The agreement is subject to several conditions, including the approval of at least 75% of GL&V's shareholders, on a per class basis and the attainment of governmental approvals.

GL&V Process employs some 1,000 people and is expected to post a turnover of approx. CAD $523m for the past financial year (1 April 2006 to 31 March 2007). GL&V Process is primarily comprised of the companies Dorr-Oliver Eimco and Krebs International which are world leaders in their respective fields.

The acquisition of GL&V Process enables FLSmidth to realise the global growth strategy for its Minerals activities. This is a strategy based on growing the Group's minerals business to the same magnitude and strength as the cement business. As a result of the acquisition the Group will therefore reduce its long-term exposure to cyclical market developments.

The FLSmidth Group's minerals activities are today marketed under the name of FFE Minerals. Going forward, the Minerals business will represent a substantially greater portion of the FLSmidth Group's overall activities, and the intention is to see increasing global integration between Cement and Minerals activities. Within this context it has been decided that the FLSmidth Group's overall Minerals business in the future will be marketed under the name of FLSmidth Minerals.

Complementary businesses FFE Minerals and GL&V Process complement each other both geographically and product-wise, as has been demonstrated through several years of partnering in international projects.

FFE Minerals is an expert in pyro technologies and in crushing and grinding of minerals, whilst GL&V Process has specialised in the downstream separation processes. Together, their products represent one complete process technology from the extraction of minerals to the end product.

Similarly, the two companies complement each other on the commercial front.

FFE Minerals' main commercial focus is on selling individual machine units, whilst GL&V Process has an organisation that focuses on aftermarket sales and service. Geographically, the strengths of the two companies are well distributed across the globe. GL&V Process and FFE Minerals will together have a strong presence in all the relevant markets worldwide.

The joint operation, FLSmidth Minerals, will become a global market leader in crushers, mills, hydrocyclones, flotation, sedimentation, materials handling and calcination.




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