The board of directors of Sulzer Ltd (SWX:SUN) announced the spin-off of Applicator Systems division on May 27, 2021. Under the terms, Sulzer shareholders will be entitled to receive 1 Applicator Systems share for each Sulzer share held as of the effective date of the Arrangement. Applicator Systems division will be named as MEDMIX AG and will be listed on SIX Swiss Exchange. Grégoire Poux-Guillaume, Jill Ghim Ha Lee and Marco Musetti expected to be board of directors of Medmix. For the year ending December 31, 2020, the Applicator Systems generated revenue of CHF 350 million. Grégoire Poux-Guillaume was elected as member and chairman of the board of directors of medmix, along with Jill Lee Ghim Ha and Marco Musetti who were elected as members of the board of directors, all of them for a one-year term. Transaction to leverage full potential of both businesses, providing an attractive value creation opportunity for Sulzer shareholders. The medmix board members appointed Marco Musetti as vice-chairman. Jill Lee Ghim Ha will chair medmix audit committee and Marco Musetti will chair the remuneration committee. The listing will be combined with a share capital increase by Medmix in the amount of CHF 200-300 million without subscription rights for existing shareholders. The transaction is subject to shareholder approval at EGM to be scheduled for late Q3 2021. Sulzers Board of Directors has unanimously approved the transaction. EGM of Sulzer shareholders is to be held on September 20, 2021, to propose the shareholders to approve the demerger plan. listing of Applicator Systems is expected to be in late Q3 or early Q4. As of September 20, 2021, shareholders of Sulzer approved the transaction. The Sulzer shareholders further approved the election of KPMG AG, Zurich, as auditors for medmix, and the election of Proxy Voting Services GmbH, Zurich, as the independent proxy for medmix. The spin-off is expected to complete in H2 2021. MEDMIX AG is expected to go public and the trading in shares is expected to start on September 30, 2021. Credit Suisse Group AG (SWX:CSGN) and UBS Group AG (SWX:UBSG) acted as financial advisors for Sulzer.
Sulzer Ltd (SWX:SUN) announced the completion of spin-off of Applicator Systems division on September 30, 2021. Post completion, Applicator Systems division has been renamed as Medmix. Shares of Sulzer Ltd has started trading on stock exchange exclusive of medmix AG.