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Pipelife acquires 100% of Pannonpipe Hungary and Pipelife Romania
Vienna, August 4, 2005
Pipelife and Pannonplast have signed an agreement in which Pipelife is acquiring the 50% stake of Pannonplast in Pannonpipe on August 4, 2005. With this acquisition Pipelife now owns 100% of Pannonpipe in Hungary and its subsidiary Pipelife Romania.
The CEO of the Pipelife Group, Miguel Kohlmann, commented: “With this acquisition, Pipelife consolidates its leading position in Eastern Europe, a region in which the construction industry is expected to grow strongly well over the next decade”. He added: “There are also important synergy potentials between the acquired activities and the remaining part of the Pipelife Group which will be stepwise released”.
Norbert Speiser, the COO of Pipelife Eastern Europe said “The JV with Pannonplast, which was established in 1990, has been very beneficial in the early stages of the market economy in Hungary. The full integration in the Pipelife Group makes now much more sense and will be very important in further developing Pipelife’s market position and competitiveness in Hungary and Romania”.
Pannonpipe and Pipelife Romania had combined net sales of 39mEUR in 2004 and with 300 employees.
The Pipelife Group, one of the world's leading producers of Plastic Pipes and Fittings, is present in 26 countries with 30 production units around the world. In 2004 it had net sales of 608mEUR with 2800 employees. Pipelife has its headquarters in Vienna, Austria and is a Joint-Venture between Solvay of Belgium and Wienerberger of Austria.
Pannonplast is a diversified plastic processing group quoted on the Budapest stock exchange.
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Pipelife International GmbH
Triester Strasse 14
2351 Wr. Neudorf / Austria
tel: +43.2236.43939-0
fax: +43.2236.43939-6
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