Unemployment fell in August in Switzerland

Unemployment fell in August in Switzerland
Unemployment fell in August in Switzerland

Sulzer plans to list its Applicator Systems (APS) division, renamed Medmix, on September 30 on the Swiss Stock Exchange. The group confirms that it is counting on a capital increase of 200 to 300 million francs to support growth.

Previously, shareholders will have to vote on the split of the unit devoted to application and mixing solutions of liquids at an extraordinary general meeting on September 20, according to the press release from the Winterthur conglomerate on Monday. For each Sulzer share held, a shareholder will obtain one Medmix share.

The bookbuilding phase should begin on September 22 and end on 29. The capital increase should be concluded on October 4. The banks Credit Suisse and UBS were commissioned to carry out the transaction.

Sulzer specifies that its reference shareholder Tiwel Holding, under the control of Russian entrepreneur Viktor Vekselberg, will not participate in the capital raising, “which would increase the float of Medmix”.

Growing markets

In the first half of the year, Medmix achieved sales of CHF 228.3 million and an adjusted EBITDA margin of 25.4%. For the full year, it targets around CHF 450 million in sales and growth of up to 9% in 2022. In terms of profitability, an adjusted EBITDA margin of 25% is expected in 2021, of over 26%. the following year, returning to pre-crisis levels, and around 30% in the medium term.

The unit manufactures systems for mixing components for dental prostheses as well as injection pens and mascara brushes. It operates thirteen production, logistics and distribution sites around the world, employing nearly 1,900 people at the end of December 2020.

The entity “benefits from its diversification into growing end markets,” the statement said, driven by long-term trends such as a growing middle class, population aging, urbanization and home care. As for the Sulzer group, it wants to focus on its products and services related to water, energy and chemicals for industry.

The management of Medmix will notably be composed of the managing director Girts Cimermans, already at the head of Applicator Systems and of the chief financial officer Jennifer Dean.

For the Cantonal Bank of Zurich, investors will have the possibility with Medmix to become involved in a dynamic company active, for example, in the healthcare markets.

Vontobel, for his part, will review his calculations following the publication of these agenda details. The Sulzer share has wrapped around 25 francs since the announcement of the split at the end of May, supporting its recommendation to buy.

Around 9:50 am, the Sulzer share was coated with 1.5% to 141 francs, in an SPI growing by 0.59%.

This article was published automatically. Sources: ats / awp

 
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