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 cre

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distribution. The issuer is solely responsible for the content of this
announcement.
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C.E.O. Interviews

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."

end of announcement euro adhoc
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ots Originaltext: Polytec Holding AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Manuel TAVERNE

POLYTEC GROUP

Investor Relations

Tel.+43(0)7221/701-292

manuel.taverne@polytec-group.com

Branche: Industrial Components
ISIN: AT0000A00XX9
WKN: A0CA1R
Index: ATX Prime
Börsen: Wien / official market