Austria: VA Tech and Voest Alpine break up

Article Abstract:

The Austrian metallurgy and engineering companies VA Tech and Voest Alpine announced to liquidate their joint venture Voest Alpine Industrial Services (VAIS). The 600 employees of VAIS will be taken over by VA Tech. The sale of Voest Alpines' 20% share of VA Tech is said to be due to the deterioration on stock quotations of the engineering company with a depreciation of stock of EUR by 55mn. The separation of the companies is said to be a consequence of concentrating the business onto core sectors. It has also been announced that Franz Struzl will be appointed member of board of directors of VA Tech at the companies general meeting on 14 December 2001 .

Computer Services, Computer Systems Design and Related Services, Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Computer and Data Processing Services, Engineering services, Blast Furnace and Basic Steel Products, Information technology services, Brief Article, Voest Alpine AG, VA TECH A1 Informatics GmbH und Company KG

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AUSTRIA: VA TECH PAYS MORE FOR AUSTRIAN ENERGY

Article Abstract:

VA Technologie AG (VA Tech) is paying Babcock Borsig Power a final instalment of Sch 690mn against the losses of Austrian Energy. Since the acquisition of the latter by German Babcock Borsig Power, VA Tech holds a 10% stake in AE Energietechnik. Thus VA Tech gets rid of all risks involved in the past business of EA Energietechnik with effect from 1 October 1999. The losses of Austrian Energy, which are in the thousand-million shilling range, are explained with the fall of prices in the market for thermal energy technology and with a number of loss-making projects.

Nonbuilding Construction, Highway, Street, Bridge, and Tunnel Construction, Receipt of funds, Use of Funds, Babcock Borsig AG, VA Technologie AG, Austrian Energy

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AUSTRIA/GERMANY: BALCKE-DURR, VOEST MCE JV

Article Abstract:

A joint venture for pipeline construction is to be set up by German Ratingen-based Balcke Durr and Austrian Linz-based VA Tech Voest MCE. Both companies, subsidiaries of Babcock Borsig and VA Technologie, respectively, hold 50% of the stock.

Construction, Foreign operations, Balcke-Durr AG, VA Tech Voest MCE

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