AT&S Signs Agreement to Sell Korean Plant, Adjusts Financial Outlook

AT&S Austria Technologie & Systemtechnik AG has signed an agreement with SO.MA.CI.S. S.p.A. for the sale of its subsidiary, AT&S Korea CO., LTD., including the plant in Ansan, Korea. The purchase price is set at €405 million in equity value, with the transaction expected to complete by March 2025. The agreement includes provisions for interest accrual and dividend adjustments from March 31, 2024, until closing.

This transaction is contingent on the acquisition of SO.MA.CI.S. by Bain Capital Private Equity (Europe) LLP and obtaining necessary merger control clearances. Consequently, AT&S has revised its financial projections for the fiscal years 2024/25 and 2026/27. Revenue for 2024/25 is now forecasted between €1.6 billion and €1.7 billion, down slightly from previous estimates. The adjusted EBITDA margin is expected to be between 24% and 26%.

For the fiscal year 2026/27, AT&S anticipates generating around €3 billion in revenue, with an EBITDA margin projected to remain between 27% and 32%. These adjustments take into account the disposal of the Korean plant as well as various cost optimization measures and new production capacities in Kulim and Leoben.