18 October 2012 10:32 [Source: ICIS news]
LONDON (ICIS)--Germany’s SGL Group has increased its holding in Portugese acrylic fibre producer Fibras Sinteticas de Portugal (Fisipe) to 100%, following the conclusion of a compulsory offer for all outstanding shares, the company said on Thursday.
SGL acquired an 86% stake in the business in April from primary shareholder Negofor for around €25m ($33m), triggering a mandatory public offer for other outstanding shares in the company. The German carbon products manufacturer subsequently acquired an additional 10.8% stake in Fisipe from another key stakeholder, Quimifertil, bringing its stake to 96.8%.
Fisipe has been delisted from the Lisbon Stock Exchange following the acquisition of the remaining outstanding share capital, SGL said today.
The company’s operations are to be allocated to SGL’s carbon fibres and composites business.
The acquisition of Fisipe will allow SGL to expand its network of raw material supplies for the production of carbon fibres.
Fisipe’s textile fibre production lines are currently being converted and expanded for the production of carbon fibre precursors, while its existing acrylic fibre production and marketing facilities are to remain in place, according to SGL.
“With this backward integration, SGL Group is bolstering its technology base along the entire value chain, from raw materials to carbon fibres through to the finished composite,” the company said in a statement.
($1 = €0.76)
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