Lou & Ban Sells Its Acupuncture Business

ARNHEM high-performance materials group L & B has agreed to sell its needle punched nonwovens business (NPNW) to Nimbus, a private equity fund in Holland.

The 17 million 300 thousand euro deal will include the sale of all issued shares of Le & B NV and L & B Kft in Belgium and Hungary, respectively.

The transaction is expected to be completed in August 31, 2019, but must meet certain constraints in the sales agreement, including the approval of the German competition authority. NPNW's management team and staff will be transferred with the business department.

Executive Chairman Daniel Da Yang said the transaction will complete the sale of the group's civil engineering department and enable the group to further reduce its net debt level and invest in more profitable businesses.

"We are pleased to announce that stripping needle punched nonwovens business as part of our strategy to simplify our portfolio, repay debt and improve our attention to our core business," he said. "We have found an excellent buyer who is very eager to cooperate with the existing teams in Belgium and Hungary to promote further development of the business. This year, the sale of civil engineering sector has been a strategic focus of management. We are pleased to complete this important milestone, because we will continue to work to improve shareholder value.NPNW has a strong market position and good customer base, and the new owner has the ability to complete the next stage of development. "

In the year ended November 30, 2018, NPNW recorded a profit of about 1 million 300 thousand euros, and the profit of the civil engineering sector was 100 thousand euros. Management has predicted that NPNW will bring about 3 million 100 thousand euro profit contribution to the group in the year to November 30, 2019.