06 March 2013 10:55 [Source: ICIS news]
LONDON (ICIS)--Switzerland-based specialty chemicals firm EMS Group on Wednesday said it will take complete control of the EFTEC automotive supply business in central and eastern Europe.
EFTEC develops, produces and markets materials and application technology in the specialised fields of bonding, coating, sealing and damping, the company added.
The markets of central and eastern Europe had been serviced through a regional 50:50 joint venture D PLAST-EFTEC with Czech partner D PLAST.
EMS Group said the purchasing price amounts to Swiss francs (Swfr) 60m (€49m, $64m) with the closing taking place as soon as the anti-trust authorities have given approval.
The company added that by taking over the other 50% share in the joint venture, it intends to further increase business in the growth markets of central and eastern Europe and strengthen its leading market position as global automotive supplier.
D PLAST-EFTEC was founded in 2000 with headquarters in Zlin, the Czech Republic. It operates four production locations in Hradek, Czech Republic, Nizhniy Novgorod and Elabuga, both in Russia, and Budeasa, Romania. It also has three sales offices in the Ukraine, Slovakia and Slovenia.
In 2012, D PLAST-EFTEC generated net sales of Swfr82m with a workforce of 211 employees.
(€1 = Swfr1.23, $1 = Swfr0.94)
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