annual report - Kendrion

Important events
1 March 2011
100 years of electromagnetism
Kendrion’s plant in Villingen, Germany,
celebrated its centenary on 1 March 2011.
Kendrion celebrated this milestone by
organising a series of events based on the
’100 years of electromagnetism’ theme, in
which a large number of stakeholders were
involved.
4 October 2011
ERP system
The roll-out of the HORIZON project (the
implementation of a new ERP system)
proceeded according to plan. In early
October, Passenger Car Systems in
Villingen, Germany, was the first of
Kendrion’s major plants to migrate to
the new ERP software supplied by IFS.
The transition was carried out according to
schedule and completed without any major
problems. Over the next several quarters,
a number of smaller operations will migrate
to the new software, with the next major
plant to follow in mid-2012. The HORIZON
project is scheduled for completion by the
end of 2013.
10 November 2011
Dr. Wilhelm Binder Symposium
The Dr. Wilhelm Binder Symposium, held
in Villingen, Germany, on 10 November,
focused on the main trends and
developments in the electromagnetism
field. Several international speakers gave
presentations at the symposium, including
members of the Kendrion Innovation Board,
company employees, external experts and
representatives of customers based in
Germany and the USA.
16 November 2011
Verdict EU Fine
On 30 November 2005, the European
Commission fined Kendrion N.V.
EUR 34 million (excluding interest) for
the infringement of Article 81(1) of the
EC Treaty by Kendrion’s former subsidiary
Fardem Packaging B.V., in Edam, the
Netherlands. The fine was imposed for
prohibited agreements in the industrial
bags sector in the Netherlands and,
on occasion, Belgium, to which Fardem
Packaging B.V. was a party during a certain
period. Kendrion N.V was fined as the
company was the sole shareholder in
Fardem Packaging B.V. from June 1995
to September 2003. Kendrion wishes to
emphasise that Fardem Packaging B.V.
operated as an independent enterprise at
all times and that Kendrion N.V. was never
directly involved in prohibited agreements.
Following the 2005 decision, Kendrion N.V.
immediately lodged an appeal against the
fine imposed by the European Commission
with the General Court of the European
Union in Luxembourg. A hearing was held
on 9 March 2011.
The General Court delivered its judgement
in the case brought by Kendrion N.V. on
16 November 2011. The General Court ruled
that the fine was to be upheld in its entirety.
Kendrion N.V. has decided to lodge an
appeal against the General Court’s
judgement with the Court of Justice
of the European Union.
27 December 2011
Acquisition FAS Controls, Inc.
Kendrion N.V. has reached agreement
with Industrial Opportunity Partners on
the acquisition of FAS Controls, Inc.
FAS Controls, located in Shelby, North
Carolina, the USA, generates revenue of
approximately USD 35 million and has some
200 employees. FAS Controls is active in the
automotive and truck market. The company
supplies high-quality electromagnetic
valves, as well as pressure switches and
lighting modules. FAS Controls, a true niche
player, is technologically advanced and
profitable.
The acquisition of FAS Controls is a good fit
with Kendrion’s strategy of strengthening its
global position in countries including the
USA. FAS Controls was acquired to further
strengthen the operations of Kendrion’s
Passenger Car Systems business unit.
10
annual report 2011