16 January 2013 17:12 [Source: ICIS news]
LONDON (ICIS)--German chemical distributor Stockmeier has submitted a binding offer to acquire Kruse, an insolvent distributor of chemicals, lime products and diesel exhaust fluid, for an undisclosed sum, officials said on Wednesday.
With Stockmeier’s bid, Kruse plans to withdraw the insolvency application it filed earlier this month, the Germany-based company said.
Stockmeier added that it aims to continue to employ all of Kruse's 431 workers.
The sale is expected to close by the end of January, subject to approval by ?xml:namespace>
Peter Stockmeier, managing partner of Stockmeier, said that the deal would complement his firm's product portfolio.
“We know Kruse very well and we see its range of products and the expertise of its employees as an ideal strategic addition to our group,” he said.
Kruse’s court-appointed insolvency administrator Horst Piepenburg added that Stockmeier’s offer underlined Kruse’s underlying long-term value and prospects.
Bielefeld-based Stockmeier employs 900 workers and has annual sale of about €420m ($560m). Kruse is based in Balve, north-east of
($1 = €0.75)
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