The market has finally received details concerning the transaction between Cersanit and Opoczno. The stakes in Opoczno I company whose assets include three production plants, will be sold for PLN 290m. The stake at Dvarcion Keramika has not been evaluated yet. In exchange for the stake in the plants, Cersanit has pledged to deliver 40m square meters of tiles annually. Opoczno will sell them under its own brand. It will also add new products including bathroom furniture produced by Cersanit to its offer. The contract between the two companies will be concluded for at least 10 year.
Opoczno management expects that the company, as a distributor, will be able to generate PLN 1bn annually within 3-4 years.
“It is very probable that this level will be reached”, Pawel Puchalski, DM BZ WBK analyst said.
Cersanit on the other hand is supposed to generate PLN 3bn of annual sales within five years.
“I hope that with this data, financial investors will no longer have doubts concerning the transaction”, Zbigniew Lange, Opoczno CEO said.
Financial investors who demanded an EGSM on November 15th and plan, among others, changes in Opoczno supervisory board, are not satisfied.
“Nothing has changed for us. We don’t want to take part in the discussion. We still want the EGSM to be held”, Jacek Koprowski from PZU Asset Management said.
(PLN 1 = EUR 0.266)