Société Nationale de Crédit et d’Investissement (‘SNCI’) - Luxembourg state-owned Investment and Development Bank and Paul Wurth S.A. (‘Paul Wurth’) are pleased to announce that they have signed today contracts allowing Paul Wurth to purchase in a first step 50.4% of the shares held by SNCI in CTI Systems S.A. (‘CTI’). Today’s agreements materialize the intentions of the parties announced on 31 March 2009.

CTI has more than 45 years of experience in the design and manufacture of automated systems for the lifting and handling of heavy goods. Since SNCI took over all of its shares in the early Nineties, CTI has known a noteworthy development of its activities thanks to the combined efforts of its shareholder SNCI, its board of directors, its management and its whole workforce.

To carry out its business activity largely oriented towards the export market, CTI operates today modern facilities (comprising an engineering center and a production and assembly shop) in the regional economic activity zone of Eselborn/Lentzweiler (Luxembourg). In 2008, CTI achieved a turnover of EUR 40.6 million and is presently employing about 200 people.



With Paul Wurth and CTI joining forces, CTI will be able to benefit from a truly international sales network of an industrial group, opening new prospects to the company’s development and thus consolidating its employment level. To Paul Wurth this agreement ensures the enlargement of its business segments and diversification of its exposure to the steel industry. The fact that the core competences of both companies, namely their expertise in mechanical engineering and in international project management, are very close adds to the interest of joining forces.  

By entering into today’s agreements, Paul Wurth will assume the industrial leadership of CTI. SNCI will however continue to follow and support CTI for a few more years by preserving a significant presence in CTI’s share capital and by maintaining a representation at the company’s board of directors. In accordance with these goals, the parties granted each other sale and purchase options, allowing Paul Wurth to progressively acquire from SNCI the remainder of the CTI stake in the course of the period 2011-2013.

Commenting this transaction, Gaston REINESCH, President of SNCI, said: “I am convinced that by becoming a group member of a new reference shareholder with a high industrial standing, CTI will serenely pursue its development in Luxembourg and internationally whilst allowing Paul Wurth, a company in which SNCI also holds an equity stake, to consolidate its activity.”

For Marc SOLVI, Chief Executive Officer of Paul Wurth: “The taking of control by Paul Wurth over CTI is a win-win situation for both companies and will certainly contribute to perpetuate the industrial engineering sector in Luxembourg.”

Jeannot KRECKE, Minister of the Economy and Foreign Trade, whose presence enhanced the signing ceremony, expressed his great satisfaction as the realisation of this transaction will certainly strengthen the position of Luxembourg’s industry.

The legal change of control in CTI is expected to occur in the course of July 2009 and remains subject to customary conditions precedent for this kind of transactions and in particular the clearance of the agreements by the competent Competition Authorities. 

About Paul Wurth: Located in Luxembourg since its creation in 1870, the company Paul Wurth is today one of the world leaders in the design and supply of technologies and installations for the iron making industry. At regional level, Paul Wurth is also specialized in planning and managing major construction and infrastructure projects. With more than 1 400 collaborators, the Paul Wurth Group operates some 20 entities in the main steelmaking regions of the world.

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