MEDISANA successfully concludes unwinding of interest in Gimelli Laboratories Co. Ltd., Hong Kong
Neuss, December 1, 2011 – MEDISANA AG has successfully concluded the unwinding of its 51% interest in Gimelli Laboratories Co. Ltd., Hong Kong, (Gimelli). This unwinding transaction formed the subject of an ad hoc announcement that MEDISANA AG had previously published on September 21, 2011, and entails the return to MEDISANA AG of the purchase price of USD 2.8 million and 630,000 MEDISANA shares that it originally rendered for its shares in Gimelli, thereby being realised on same terms as were effective when the interest was acquired in 2009.
The interest was unwound because Gimelli had failed to satisfy the revenue and earnings expectations connected with the purchase, and because currency exchange-rate fluctuations and rising personnel costs had exerted an increasing impact on the company’s earnings and financing positions. The separa-tion that is now being implemented is feeding through to significant relief on the cost side, and will have a positive effect on MEDISANA AG’s earnings, while Gimelli’s production capacities will remain available to MEDISANA AG.
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