“The sale of VINCORION is a further milestone in transforming Jenoptik into a focused and globally leading photonics company. I am convinced that the transaction will have a positive impact on the Group’s earnings position, risk profile, and financing power. It will also enable ESG-oriented investors to invest in Jenoptik. In addition, we are convinced that with STAR we have found the right owner to realize the potential we see for VINCORION. In addition, it was important to us that STAR was willing to grant location guarantees,” says Stefan Traeger, President & CEO of JENOPTIK AG.
The equity value is in the mid double-digit million euro range. In addition, there are claims and obligations (e.g. resulting from pension obligations) in the mid double-digit million euro range as well as certain earn-out components. The enterprise value amounts to approximately 130 million euros. Both parties have agreed not to disclose any further details.
Closing of the purchase agreement is still subject to approval by the responsible authorities and other customary closing conditions. Closing is expected to take place in the second half of 2022.
In 2020, the division had approximately 800 employees and generated revenue of 151.7 million euros with an EBITDA margin of 11.0 percent. Due to the signing of the agreement to sell VINCORION the division will be classified as “discontinued operations” already in the current fiscal year, and, therefore, will not be included e.g. in group revenue anymore. In total, there will be no change to the guidance 2021 when both, continuing operations and discontinued operations, are taken into account.
Optical technologies are the very basis of our business: Jenoptik is a globally active technology group and is active in the three photonics-based divisions: Light & Optics, Light & Production and Light & Safety. Under the TRIOPTICS brand, Jenoptik also offers optical test and manufacturing systems for the quality control of lenses, objectives and camera modules. VINCORION is the brand for our mechatronic business. Our key target markets primarily include the semiconductor industry, medical technology, automotive and mechanical engineering, traffic, aviation as well as security and defense technology industries. Approximately 4,300 employees work for Jenoptik worldwide. The Group’s headquarters are in Jena (Germany). JENOPTIK AG is listed on the German Stock Exchange in Frankfurt and is included in the SDax and TecDax. In the 2020 fiscal year, Jenoptik generated revenue of approx. 767 million euros.
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E-Mail: leslie.iltgen@jenoptik.com