Oct 02, 2014. /Lesprom Network/. Dalhoff Larsen & Horneman A/S (DLH) has signed an agreement about the take-over of its Asian Global Sales entities by the Austrian JAF Group. The divested entities include DLH’s activities in Hong Kong, China, Vietnam, Indonesia and the African units. The annual revenue of the business unit sold is approx. DKK 600 million ($101 million), as the company said in the press release received by Lesprom Network.

The transaction is subject to approval by the Austrian competition authorities which is expected to take place end of October 2014.

The transaction is realized at book value. After finalization, the transaction will yield proceeds at approx. DKK 115 million ($19.5 million).

This will contribute to a reduction of the Group’s interest bearing debt, which, in combination with the Polish and Slovakian transaction announced on 16 July 2014 with expected closing early October 2014, will make DLH debt free.

“We succeeded in finding the right match for our Asian

and African Global Sales entities. For our shareholders this is an important step in realizing our divestment strategy. JAF is a re-spected privately owned Austrian timber company and on behalf of our employees I am pleased that they will obtain a good new ownership,” says Kent Arentoft, President and CEO.

JAF Group, with its 50 sites in 13 countries, has become central Europe’s leading wholesaler in wood and wood-based materials.

DLH is one of the world's leading suppliers of timber and timber products with focus on hardwood, timber & boards.