acquisition KAN in Poland
- takeover 51% of the shares of KAN Sp. z o.o., Poland
- market leader plastic tube systems in Poland, the Ukraine and Belarus
- annual revenue approximately EUR 25 million
closing of acquisition KAN in Poland and expansion surface technologies in Germany
Aalberts Industries N.V., which operates in the fields of Industrial Services and Flow Control, has formally completed the takeover of 51% of the shares of the Polish company KAN Sp. z o.o. (KAN), as agreed in August 2006. The KAN results will be consolidated with effect from 1 January 2007.
KAN, with a turnover of approximately EUR 25 million in 2006, produces plastic tube systems and is market leader in Poland, the Ukraine and Belarus and has a very wide sales organisation in these and other East European countries. The KAN plastic tube system is suitable for both (potable) water as well as heating (including floor heating) and consists of plastic tubes, plastic fittings, manifolds and heating accessories. In addition, KAN produces and distributes brass fittings and housings for gas and water meters. In the second half of 2006 Aalberts Industries could already profit from this acquisition through the accelerated introduction of a number of Flow Control products in Eastern Europe.
Early 2007 Aalberts Industries took over 100% of the shares of Eloxal-Werk-Burg Gesellschaft für Aluminiumbeschichtungen und Oberflächentechniken mbH, established in Magdeburg, Germany. This relatively small acquisition, approximately EUR 1 million turnover, is an addition to the European network of high quality surface and heat treatment service centres and will grow fast in cooperation with the already existing surface treatment facility in Berlin.
Herewith Aalberts Industries acknowledges to have repurchased cumulative preference shares to an amount of EUR 10.2 million as per year end 2006. At the General Meeting of Shareholders on 23 April 2007 Aalberts Industries will ask for approval to withdraw these cumulative preference shares. Also in 2007, the cumulative preference shares repurchase programme will be continued.