Element Six Announces the Acquisition of Barat Carbide GmbH

    LUXEMBOURG, BAD HOMBURG and BURGHAUN, Germany, June 15 /CNW/ - Element
Six today announced that it has reached an agreement with German private
equity investor Equita to acquire Barat Carbide Holding GmbH for an
undisclosed sum. The acquisition, subject to regulatory approval, is expected
to be completed during the third quarter of 2007.
    Barat Carbide is a leader in the development and manufacturing of
tungsten carbide wear solutions for soft rock tools in mining, construction
and road planing as well as wear parts for oil & gas, chemical and other
    Through this acquisition, Element Six broadens and strengthens its
business activities in materials technology used in the abrasives industry and
beyond. Christian Hultner, CEO of Element Six says, "We are very excited by
the addition of Barat Carbide to the Element Six group of companies. With its
strong technology, product portfolio and management team Barat Carbide will be
a powerful addition."
    Element Six is the major player in the development of synthetic diamond
and cubic boron nitride for various industrial applications. As Christian
Hultner points out: "Through the combined expertise and product range gained
by this acquisition, we will be able to offer customers a broader range of
materials solutions to their application needs. It also reinforces Element
Six's position as the leader in the development of hard frontier materials."
    Current trends in materials development are leading to a convergence
between superabrasives and tungsten carbide in what has traditionally been
quite separate material areas. Developments such as nano-powder processing,
the broader use of high pressure high temperature as well as carbide diamond
composite materials are driving this convergence. The combination of Element
Six and Barat Carbide will be able to deliver exceptional product performance
and benefits to its combined customer base.
    Karl-Georg Hildebrand, Managing Director Barat Carbide says: "Everyone in
Barat Carbide appreciates the value of joining Element Six and we very much
look forward to working with our new colleagues. We are convinced of the
strategic rationale of this acquisition and strongly believe this move will be
of benefit to our business partners, company and employees. Equita has been a
supportive owner to Barat Carbide and the development of our company into a
standalone business gained tremendously from the familiarity of the Equita
team with industrial process structures as well as workflows in midsized
    Hans J. Moock, Managing Director of Equita Management GmbH, added: "Barat
Carbide has successfully developed into a standalone business following the
carve out from Boart Longyear. In order to unlock its full growth potential
now is a good time to continue the path of success under the roof of a global
leading industrial player such as Element Six. Barat Carbide adds a new
technological dimension to Element Six while developing new strategic
opportunities in its own core business."

    About the companies

    Element Six is the world's leading supplier of high quality industrial
diamond and the complementary cubic boron nitride (cBN) abrasive materials.
Diamond and cBN products are mainly used in the manufacture of tools for
applications including drilling, sawing, cutting, grinding and polishing of
different materials such as ferrous and non-ferrous metals, natural stone and
concrete, wood based materials, plastics, glass and ceramics. Recent additions
to the product range are a group of Chemical Vapour deposition diamond
products. These engineered materials are suitable for use in medical, optical,
radio frequency, thermal management and precision applications. The Element
Six group of companies operates internationally with processing and
manufacturing facilities in Ireland, Sweden, South Africa, China, Ukraine and
the United Kingdom and a global distribution network.
    Previously, Barat Carbide was the hard materials group of Boart Longyear,
one of the world's largest drilling contractors and manufacturers. With a
total of 620 employees across production facilities in China, South Africa and
Germany, Barat Carbide is a global player in tungsten carbide materials
technology. Since the 1950's, the company has built up a considerable
reputation for technological excellence and innovation.
    Equita is an independent, non-bank-affiliated private equity company
based in Bad Homburg which, through the vehicle of funds managed exclusively
in-house, invests in midsized companies in the German-speaking countries.
EQUITA generally acquires majority stakes in companies offering significant
growth and value enhancement potentials. Current investments are being made
from the new vehicle, the Equita Fonds 3 KGaA, which closed in spring of 2007
after raising a total fund volume of EUR315m.

For further information:

For further information: Element Six, Ireland, John Caldwell, Telephone:
+353-(0)-61-460015; Barat Carbide GmbH, Burghaun, Karl-Georg Hildebrand,
Telephone: +49-(0)-6652-823-20

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