Cinven Acquires Two Klockner Divisions

Cinven Acquires Two Klockner Divisions

FRANKFURT, Germany--Cinven, a leading financial investor inEurope, signed a contract to acquire Klockner Pentaplast of America andKlockner Pentaplast GmbH from Klockner-Werke AG for U.S. $827 million.Approval of the transaction is expected on Dec. 14, 2001, at the Klcknershareholders meeting.

According to the companies, no management changes or layoffs are expected atthe Gordonsville, Va., and Montabaur, Germany, locations. "Cinven willsupport the companies' strategic goals," said Thomas Goeke, president ofKlockner Pentaplast of America (www.klockner.com).The Klockner Pentaplast group is a supplier of rigid films and had sales ofapproximately U.S. $778 million for the 2000/2001 fiscal year.