08. 02. 10. - 16:00

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08. 02. 10. - 16:00

CWT share guarantee lasts only another 11 days

Christ Water Technology (CWT) announced today (Mon) that shareholders could sell their shares at a price of 3.35 Euros apiece until 4pm on 19 February but there would be no guaranteed price after that date.

The firm, based in Mondsee in Upper Austria’s Mondsee district, said Canadian water-technology group GLV, which has a majority interest in CWT, had voluntarily agreed to buy back CWT’s shares at that price. GLV reportedly had an interest of 88.52 per cent in CWT as of 5 February.

GLV is a leading global provider of technical solutions in the water-processing, paper and pulp industries. GLV and CWT are active in 30 countries where they have 2,350 employees.

CWT had announced late last month that it had new contracts worth 48 million Euros. It will carry out work on desalinisation of sea water and provision of potable drinking water worth 45 million Euros as well as 3 million Euros of work with a firm in the micro-electronic industry.

CWT said GLV’s headquarters in Montreal would take over its former head-office functions in Austria and Switzerland and its business in North America and Europe would be restructured.

Company officials said then that the value of orders had risen by 56 per cent to 150 million Euros year on year in the first three quarters 2009, while turnover had dropped by 23 per cent to 107 million Euros.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) remained in the red with a minus of 2.1 million Euros but improved compared to the first three quarters of 2008, when CWT suffered losses of 4.5 million Euros.

Austrian Times

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