EANS-Adhoc: Polytec Holding AG / General shareholders´ meeting gives green light for restructuring - POLYTEC spins off PEGUFORM together with the related liabilities from the purchase - additional credit line provides solid basis for the future

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26.06.2009

Today, the concept for the POLYTEC Group rescue, which resulted from several
weeks of intensive negotiations with the banks, was agreed by the general
shareholders´ meeting. POLYTEC had experienced financial difficulties following
the takeover of the PEGUFORM Group, as owing to the financial and economic
crisis, the repayment of the borrowings for the acquisition had become
impossible.

Essentially, the restructuring concept agreed with the banks and now authorised,
envisages that POLYTEC entirely spin off its holding in PEGUFORM. PEGUFORM will
be taken over by the CROSS/UIAG Group, which in return will assume a large
portion of the financing of the purchasing price totalling EUR 110 million, and
also give up its 20.3% stake in POLYTEC. Moreover, the banks are to waive their
right to the remainder of the financing, amounting to EUR 59.5 million plus
interest. As a result of these measures, POLYTEC will be entirely free of any
liabilities from the PEGUFORM takeover.

In addition, POLYTEC is to receive an additional credit line from Raiffeisen
Landesbank Oberösterreich totalling EUR 31 million. POLYTEC will also keep the
two composite production locations in Weiden (D) and Chodova Plana (CZ), which
were formerly part of the PEGUFORM Group. This will allow the company to
maintain its solid market position in this segment, which had been considerably
strengthened by last year´s takeover.

Friedrich Huemer, the Polytec founder and CEO: "Unfortunately, the financial and
economic crisis has meant that ultimately our highly promising concept for the
takeover of PEGUFORM could not be implemented, as the financing of joint
operations between the two companies proved impossible.

Under these circumstances, the solution that we have now found is thoroughly
acceptable, because it allows us to avoid insolvency and clears the way to the
future for both companies. POLYTEC has thus been preserved in its original
structure and now we can focus all our ambitions and energies on the earliest
possible return to business success.

In this regard, the additional credit line that we have been granted constitutes
both a positive impulse and an important competitive advantage, particularly in
the turbulent market environment in which we are currently operating. Other
strengths that I can see emanate from our proven competence in relation to key
technologies and products, our long-term partnerships with customers, and our
excellent reputation as a reliable supplier. These capabilities provide a basis
for the systematic implementation of our restructuring concept, which envisages
targeted optimisation in the fields of capacity, market development, liquidity
management and cost control."

Further inquiry note:
Manuel TAVERNE
POLYTEC GROUP
Investor Relations
Tel.+43(0)7221/701-292
[email protected]

end of announcement euro adhoc
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emitter:      Polytec Holding AG
              Linzer Straße 50
              A-4063 Hörsching
phone:        +43 (0) 7221 / 701-0
FAX:          +43 (0) 7221 / 701-0
mail:         [email protected]
WWW:          www.polytec-group.com
sector:       Industrial Components
ISIN:         AT0000A00XX9
indexes:      ATX Prime
stockmarkets: official market: Wien 
language:     English

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