Velan Announces Major Strategic Initiatives
Velan Announces Major Strategic Initiatives
- Enters into definitive agreement with an affiliate of Global Risk Capital to divest its asbestos-related liabilities at a cost of US$143 million
- Enters exclusive negotiations with Framatome for the sale of its French subsidiaries for a purchase price of US$175.2 million (€170 million), with the benefit of the transfer of an intercompany loan of US$23.2 million (€22.5 million), for total consideration to Velan of US$198.4 million (€192.5 million)
- 與全球貨幣風險資本的附屬公司簽署最終協議,以14300萬美元的成本剝離其與石棉相關的責任
- 與Framatome進行獨家談判,出售其法國子公司,購買價格爲17520萬美元(17000萬歐元),並獲益於2320萬美元(2250萬歐元)的內部貸款轉讓,總對價爲Velan 19840萬美元(19250萬歐元)
MONTREAL, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) ("Velan" or the "Company"), a world-leading manufacturer of industrial valves, announced today major strategic initiatives that will significantly reduce operating and financial risks as well as strengthen its financial position. All amounts are expressed in U.S. dollars unless indicated otherwise.
蒙特利爾,2025年1月14日(全球資訊網)—— Velan Inc. (TSX: VLN)("Velan"或"公司"),全球領先的工業閥門製造商,今天宣佈了一項重大戰略舉措,將顯著降低運營和財務風險,並增強其財務狀況。除非另有說明,所有金額均以美元表示。
"We believe these two transactions are key to unlocking Velan's inherent value and we are delighted with an outcome that makes us a financially and operationally stronger company going forward. The divestiture of asbestos-related liabilities will allow Velan to confidently move ahead with the execution of its business plan while selling French subsidiaries to local interests also supports the protection of French sovereign interests," stated James A. Mannebach, Chairman of the Board and CEO of Velan.
"我們認爲這兩筆交易是釋放Velan內在價值的關鍵,我們對這一結果感到欣喜,它使我們在未來成爲一家財務和運營更強大的公司。剝離與石棉相關的責任將使Velan能夠自信地推進其業務計劃,同時將法國子公司出售給當地利益也有助於保護法國的主權利益,"董事會主席兼首席執行官James A. Mannebach表示。
"Beyond these transactions, the Company will continue as a leader in flow control solutions for clean energy and other industrial sectors driven by its strong brand, high-quality products and a superior market positioning combined with expertise in demanding applications. Our activities will also benefit from robust momentum in the clean energy sector, including nuclear, which is undergoing a multi-year growth cycle throughout the world. We remain well-positioned in this market with our proprietary valve offerings for small modular reactors, along with our global installed base of products at existing nuclear reactors. In addition, we are firmly entrenched in other markets buoyed by global energy transition trends. Consequently, we intend to focus on executing our strategic plan and are committed to delivering sustained profitable growth. The Company continues to review options to maximize value for our shareholders," added Mr. Mannebach.
"除了這些交易,公司將繼續作爲清潔能源和其他工業板塊的流量控制解決方案的領導者,憑藉其強大的品牌、高質量的產品和卓越的市場定位,加上在苛刻應用中的專業知識。我們的活動也將受益於清潔能源板塊的強勁勢頭,包括核能,這在全球範圍內正在經歷多年增長週期。我們在這一市場中處於良好位置,擁有針對小型模塊化反應堆的專有閥門產品,連同我們在現有核反應堆的全球安裝基礎。此外,我們在其他受全球能源轉型趨勢扶持的市場中也牢牢扎根。因此,我們打算專注於執行我們的戰略計劃,並致力於實現持續的盈利增長。公司將繼續審查最大化股東價值的期權,"Mannebach先生補充道。
"These transactions would meet two key financial objectives, namely the reduction of risk and resolution of our asbestos-related liabilities through the divestiture transaction and the strengthening of our balance sheet. Following their closing, Velan would be virtually debt free which would allow for greater investments in growth opportunities. Ultimately, the successful conclusion of these initiatives would offer a significantly higher value proposition to all our shareholders," said Rishi Sharma, Chief Financial and Administrative Officer of Velan.
"這些交易將滿足兩個關鍵的財務目標,即通過剝離交易降低風險和解決我們與石棉相關的負債,並增強我們的資產負債表。在交易完成後,Velan將幾乎沒有債務,這將允許我們在增長機會方面進行更大的投資。最終,這些舉措的成功完成將爲所有股東提供顯著更高的價值主張," Velan的首席財務和行政官Rishi Sharma表示。
DIVESTITURE OF VELAN'S ASBESTOS LIABILITIES
剝離Velan的石棉負債
Velan has entered into an agreement (the "Asbestos Divestiture Agreement") with an affiliate of Global Risk Capital (the "Buyer") to permanently divest its asbestos-related liabilities (the "Asbestos Divestiture Transaction"). Global Risk Capital is a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities. The Asbestos Divestiture Transaction will be achieved by Velan selling its existing U.S. subsidiary, Velan Valve Corp., which will have been capitalized with US$143 million (subject to certain adjustments) from Velan and US$7 million from the Buyer. The Asbestos Divestiture Transaction will permanently remove all asbestos-related liabilities and obligations from Velan's balance sheet and will indemnify Velan for all legacy asbestos liabilities. Velan plans to fund the Asbestos Divestiture Transaction by using available cash and a portion of proceeds from the sale of its French subsidiaries detailed below. The Company will retain its U.S. operations and continue to carry out its activities in the U.S. under a newly created subsidiary.
Velan已與全球風險資本的一個關聯公司("買方")達成協議("石棉剝離協議"),以永久剝離其與石棉相關的負債("石棉剝離交易")。全球風險資本是一家長期負債管理公司,專注於收購和管理遺留企業負債。石棉剝離交易將通過Velan出售其現有的美國子公司Velan閥門公司來實現,該子公司將獲得來自Velan的14300萬美元(須視具體調整而定)和買方的700萬美元的資本。石棉剝離交易將永久性地從Velan的資產負債表上剔除所有與石棉相關的負債和義務,並將對Velan的所有遺留石棉負債進行賠償。Velan計劃通過使用可用現金和以下詳細說明的法國子公司的銷售收益的一部分來爲石棉剝離交易提供資金。公司將保留其在美國的業務,並繼續在新成立的子公司下進行其在美國的活動。
The closing of the Asbestos Divestiture Transaction is subject to securing financing and other customary closing conditions. If the France Transaction (as defined below) is not completed, the Company will be seeking alternative financing options for the Asbestos Divesture Transaction.
石棉剝離交易的完成取決於獲得融資和其他慣例的成交條件。如果法國交易(如下所定義)未能完成,公司將尋求石棉剝離交易的替代融資選項。
The Asbestos Divestiture Transaction is expected to result in a one-time non-cash charge to earnings of approximately US$67 million, before the benefit of any taxes.
石棉剝離交易預計將導致一次性非現金費用約爲6700萬美元,在任何稅收利益之前。
SALE OF FRENCH SUBSIDIARIES
出售法國子公司
The Company's wholly-owned subsidiary, Velan Valves Limited, has entered into a memorandum of understanding (the "Memorandum of Understanding") relating to the sale of 100% of the share capital and voting rights of its French subsidiaries, Segault SAS ("Segault") and Velan S.A.S. ("Velan France"), to Framatome SAS ("Framatome"), a world leader in nuclear energy, for a purchase price of US$175.2 million (€170 million), with the benefit of the transfer of an intercompany loan of US$23.2 million (€22.5 million), for total consideration to the Company of US$198.4 million (€192.5 million) (the "France Transaction").
公司的全資子公司Velan Valves Limited已簽署一份諒解備忘錄(簡稱「諒解備忘錄」),涉及將其法國子公司Segault SAS(「Segault」)和Velan S.A.S.(「Velan France」)的100%股本和投票權出售給核能行業世界領導者Framatome SAS(「Framatome」),購買價格爲17520萬美元(17000萬歐元),並獲得2320萬美元(2250萬歐元)的內部貸款轉讓,總對價爲19840萬美元(19250萬歐元)(「法國交易」)。
In accordance with French laws, Segault, Velan France, and Framatome will inform and consult their employee representative bodies before any definitive agreement is entered into between the parties.
根據法國法律,Segault、Velan France和Framatome將在各方簽訂最終協議之前,通知和諮詢其員工代表機構。
The completion of the France Transaction under the definitive agreement would be subject to the approval of Velan's shareholders. Velan Holding Co Ltd. ("Velan Holding"), the controlling shareholder of Velan, has entered into a voting and support agreement with Velan in respect of the approval of the France Transaction.
根據最終協議,法國交易的完成需經過Velan股東的批准。Velan Holding Co Ltd.("Velan Holding")作爲Velan的控股股東,已與Velan簽訂了投票和支持協議,以批准法國交易。
If, and once a definitive agreement has been signed, a meeting of Velan's shareholders (the "Meeting") will be called to consider and approve the France Transaction. Additional information related to the France Transaction would be contained in the management information circular to be distributed in connection with the Meeting.
一旦簽署最終協議,將召開Velan股東大會("會議")以審議和批准法國交易。與法國交易相關的更多信息將在與會議相關的管理信息通函中提供。
ADVISORS
顧問
In connection with the Asbestos Divestiture Transaction, Ducera Partners LLC is acting as exclusive financial advisor to the Company. Legal counsel was provided by Latham & Watkins LLP in connection with the Asbestos Divestiture Transaction and related corporate matters. Davies Ward Phillips & Vineberg LLP is also acting as legal advisor to the Company. Jones Day is acting as legal advisor to Global Risk Capital.
關於石棉剝離交易,Ducera Partners LLC正在擔任公司的獨家財務顧問。Latham & Watkins LLP爲石棉剝離交易及相關公司事務提供了法律顧問服務。Davies Ward Phillips & Vineberg LLP也在擔任公司的法律顧問。Jones Day正擔任全球風險資本的法律顧問。
In connection with the France Transaction, BMO Capital Markets is acting as financial advisor to the Company, and Davies Ward Phillips & Vineberg LLP and Bredin Prat are acting as legal advisors to the Company. McCarthy Tétrault LLP is acting as legal advisor to Velan Holding, and Jones Day is acting as legal advisor to Framatome.
在與法國交易相關的事項中,BMO資本市場擔任公司的財務顧問,Davies Ward Phillips & Vineberg LLP和Bredin Prat擔任公司的法律顧問。McCarthy Tétrault LLP擔任Velan Holding的法律顧問,而Jones Day擔任Framatome的法律顧問。
ABOUT VELAN
關於維蘭
Founded in Montreal in 1950, Velan Inc. () is one of the world's leading manufacturers of industrial valves, with sales of US$346.8 million in its last reported fiscal year. The Company employs 1,617 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
維蘭公司成立於1950年,位於蒙特利爾,是全球領先的工業閥門製造商之一,最近報告的財年銷售額爲34680萬美元。該公司僱傭了1617名員工,並在9個國家設有製造工廠。維蘭公司是一家上市公司,其股票在多倫多證券交易所上市,標的爲VLN。
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
關於前瞻性聲明的警告
Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements related to the rationale of the Board of Directors for approving the entering into the Asbestos Divestiture Agreement and the Memorandum of Understanding, the expected benefits of the Transactions, the timing of various steps to be completed in connection with the Transactions, the prospect of the Company following the completion of the Transactions as a company in the nuclear valve space in North America and the rest of the world, other than France, and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology.
本新聞稿中的某些陳述是適用證券法意義上的前瞻性陳述,包括但不限於與董事會批准簽署石棉剝離協議和諒解備忘錄的理由、交易的預期收益、與交易相關的各種步驟的時間安排、公司在完成交易後作爲北美及其他地區(法國除外)核閥領域公司的前景以及其他不構成重要事實的陳述。通常,但並不總是,前瞻性陳述可以通過使用"可能"、"將"、"期待"、"相信"、"估計"、"計劃"、"可以"、"應該"、"會"、"展望"、"預測"、"預見"、"繼續"或這些詞彙的否定形式或變體或類似術語來識別。
Although the Company believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the possibility that the Transactions will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder approval or for other reasons; (b) risks related to tax matters; (c) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transactions; (d) the possibility of litigation relating to the Transactions; (e) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Transactions, including changes in economic conditions, interest rates or tax rates; and (f) other risks inherent to the Company's business and/or factors beyond its control which could have a material adverse effect on the Company or the ability to consummate the Transactions.
儘管公司相信本新聞稿中的前瞻性陳述是基於當前、合理和完整的信息和假設,但這些陳述在本質上受到許多因素的影響,這些因素可能導致實際結果與管理層在這些前瞻性陳述中所設定的預期和計劃有實質性差異,包括但不限於以下因素,其中許多因素超出了公司的控制範圍,且其影響可能難以預測:(a)交易可能無法按照目前設想的條款和條件或時間完成,甚至可能根本無法完成,這是由於未能及時或以其他方式獲得或滿足所需的股東批准或其他原因;(b)與稅務相關的風險;(c)因交易的公告或完成而引起的不利反應或商業關係的變化的可能性;(d)與交易相關的訴訟可能性;(e)一般及特別與交易相關的信用、市場、貨幣、運營、流動性和融資風險,包括經濟條件、利率或稅率的變化;(f)公司業務固有的其他風險和/或可能對公司或完成交易的能力產生實質不利影響的超出其控制範圍的因素。
Readers are cautioned not to place undue reliance on the forward-looking statements and information contained in this news release. Velan disclaims any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
讀者被提醒不要過度依賴本新聞稿中包含的前瞻性聲明和信息。威蘭對此聲明中的任何前瞻性聲明不承擔更新的義務,無論是由於新信息、未來事件或其他原因,除非法律要求。
Contact: | |
Rishi Sharma, Chief Financial and Administrative Officer | Martin Goulet, M.Sc., CFA |
Velan Inc. | MBC Capital Markets Advisors |
Tel: (438) 817-4430 | Tel.: (514) 731-0000, ext. 229 |
聯繫: | |
Rishi Sharma,致富金融(臨時代碼)和行政官員 | Martin Goulet萬.Sc., CFA |
威蘭公司 | MBC 資本市場顧問 |
電話: (438) 817-4430 | 電話: (514) 731-0000, 分機 229 |
譯文內容由第三人軟體翻譯。
評論(0)
請選擇舉報原因