Buyout group Cinven prepares CeramTec listing, say sources: Reuters

(Reuters) – Buyout group Cinven is preparing for the flotation of CeramTec, which could value the German industrial ceramics company at more than 2 billion euros ($2.2 billion), three people familiar with the matter said on Friday.

The private equity group has picked Bank of America and Morgan Stanley as so-called global coordinators, while Deutsche Bank, Goldman Sachs and UBS will act in further roles in the organisation of the stock market listing, they added.

A listing could take place in Germany or in the United States, one of the sources said.

Cinven, CeramTec and the banks declined to comment.

A flotation of CeramTec, which Cinven bought from U.S. chemicals group Rockwood for 1.5 billion euros in 2013, may take place as early as late 2015 or in 2016, they added.

Germany-based CeramTec makes technical ceramics used in thousands of products ranging from components for artificial hips and ceramics used in circuit boards to components for bearings and faucets.

The company supplies customers in the automotive, electronics, medical and energy industries and had sales of 475 million euros in 2014. It employs 3,600 staff.

CeramTec traces its roots to porcelain manufacturer Thomaswerke, founded in 1903, which from the 1920s onward supplied AEG with technical ceramics.

It was acquired in 1985 bei Hoechst, which renamed the group Hoechst CeramTec. After further ownership changes, KKR-owned Rockwood acquired the group in 2004.