The listed VA Tech announced the sale of Wabag’s Fluidized Bed Business Area to the Andritz technology group.

In 2003, this Business Area, which is located in Ravensburg, Germany, achieved sales revenues of EUR 15-20 million with a sales force of around 50. Confidentiality has been agreed regarding the selling price, but subject to approval by the anti-trust authorities, the contract should take effect at the end of October 2004.

Following divestment of the Wabag business units in Germany and France, this sale constitutes a further significant advance towards achieving the Wabag target structure. The targeted structure foresees a concentration at the locations in Vienna (for international project business) and Winterthur (biolfitration competence centre, Switzerland), with a work force of around 150. This new structure will be in position by the end of the current year.

The listed VA Technologie AG (VA Tech) is a focused technology and service company which provides value to customers over the entire plant life cycle. Leading international positions are held in Metallurgy, Power Generation, Transmission and Distribution and Infrastructure. In 2003, VA Tech achieved sales of EUR 3.9 m. according to IFRS with a work force of 17,478 employees.