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Atag Group News



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 Friday September 8 2000
Atag not responsible for sacked staff
Atag is not responsible for 170 workers who have been sacked by the new owners of its former kitchen division, Zutphen district court ruled on Friday. Atag sold the unit to Etna in July.

Wednesday August 9 2000
Atag delays H1 results publication
Atag said on Wednesday it had obtained permission from the AEX to delay the publication of its first-half results until further notice. The results were due on August 16, but Atag said that for the moment, it was impossible to provide a clear picture of its financial situation.

Monday July 17 2000
Etna only wanted Atag if bankrupt
Rtna only wanted to take over Atag's kitchen division if it was declared bankrupt, the company's official receiver H. Brandsma admitted. And manufacturing unions confirmed that Etna had pressed for bankruptcy which enabled it to avoid Atag's heavy debts and reduce the takeover price. Atag's Home Products Nederland unit was officially declared bankrupt on Friday after its protection from creditors was lifted at the request of the court-appointed administrator. The takeover was sealed on Monday.

Thursday July 6 2000
Atag kitchen division in payment moratorium
Kitchen and heating equipment producer Atag filed a request for a moratorium on payment for its Kitchen equipment division on Thursday. Atag said the moratorium would pave the way for the continuity of the company. The moratorium was prompted by the passing of a deadline set by the company's bankers, ABN Amro, Fortis and ING, for the negotiations with with two potential buyers for the kitchen division.

Atag kitchen division in payments moratorium
Atag filed a request for a moratorium on payment for its kitchen equipment division. The moratorium was prompted by the passing of a deadline set by company's bankers, ABN Amro, Fortis and ING, for the negotiations with with two potential buyers for the kitchen division. Negotiations started at the end of last week and the deadline was Thursday evening.

Tuesday July 4 2000
Atag to sell off Kitchen group
Atag is selling off its Pelgrim kitchen division following pressure from major shareholders. Pelgrim accounts for 80% of Atag's turnover. Shareholders ABN Amro, Generali, Fortis Bank, Aegon and Delta Lloyd are said to have put the most pressure on Atag to sell Pelgrim. The news has caused considerably anxiety among staff

Monday July 3 2000
Atag to sell kitchen division
Atag announced on Monday that it is planning to sell its loss-making kitchen division as soon as possible. Atag said it expects talks with some parties to be finalised this week.

Tuesday March 7 2000
Atag Group 1999 net loss EUR 27.1 mln
Atag Group reported on Tuesday a net loss for 1999 of EUR 27.1 mln, compared with net profit of EUR 6.2 mln the company booked in the comparible period of 1998. The loss also included a EUR 14 mln provision for radical restructuring prompted by negative development of results in the kitchen division.

Tuesday September 28 1999
Atag to cut jobs
Boiler and kitchen equipment maker Atag of Ulft said on Tuesday it presented the workers council and the unions plans to cut 175 FTE's in the Netherlands and in Germany. In the Netherlands the company is to cut 40 permanent jobs and 160 temporary jobs. Atag said it aims to streamline its product range and reorganise its sale activities.

Wednesday August 18 1999
Atag Group H1 plunges in the red
Atag Group reported on Wednesday net losses for the first-half of 1999 of NLG 11.8 mln, compared with net profit of NLG 4.0 mln the company booked in the comparible period of 1998. Turnover decreased 5% from NLG 386.6 mln to NLG 365.9 mln. The company booked an operating loss of NLG 7.0 mln, compared with operating profit of NLG 11.7 mln for the 1998 first half.

Tuesday March 9 1999
Atag Group profit up 43%
Atag reported net profit from ordinary operations surged 43% to NLG 12.7 mln. The turnover decline largely refleccted the sale of the water tap activities. This is the first time Atag has presented separate figures for the kitchen and heating units since the split-up and flotation of its bicycle division Accell in October last year.

Thursday September 10 1998
Atag hives off bike division
The Atag group is to list its bicycle division as a separate company on the Amsterdam stock exchange in October, under the name Accell. Atag will continue as a supplier of kitchens and heating equipment. Accell chairman Hans Wezenaar said the demerger was necessary because the two divisions focused on different markets.

Monday August 10 1998
Atag split-up
Atag is be be split-up into Accell Group nv (bicycles) and Atag Group nv (kitchen and heating equipment).

Wednesday August 5 1998
Atag reports H1 net profit up 81%
Atag Holding reports net profit for the first-half of 1998 increased with 80.7% to NLG 10.5 mln or NLG 3.95 per share, compared with NLG 5.8 mln or NLG 2.28 per share for the 1997 comparible period. Turnover rose by 2.6% from NLG 579.4 mln to 594.3 mln, while operating income increased with 43% from NLG 17.2 mln to 24.6 mln.

Tuesday April 28 1998
Atag reports Q1 profit jumps 138%
Atag reports net profit for the first quarter of 1998 increased with 138% from NLG 1.6 mln to NLG 3.8 mln. Turnover increased with 7% from NLG 234 mln to 287 mln. Operating result increased with 77% from NLG 5.7 mln to NLG 10.1 mln. Earnings per share rose by 131% to NLG 1.45, compared with NLG 0.63 per share for the first quarter of 1997.

Thursday February 19 1998
Atag reports net profit slipped 2% to NLG 16.1 mln
Atag reports net profit slipped 2% to NLG 16.1 nln on turnover 14% higher at NLG 1.13 bn. Operating result was unchanged at NLG 40 mln. Earnings per share fell 7% to NLG 6. After several years of radical reorganisations and heavy losses in Germany, the company now expects to improve its results this year.

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