Žalec, 26 October (STA) - Beaulieu International, a Belgian industrial group, has purchased a 52.42% stake in Slovenian maker of PVC floor covers Juteks for EUR 45 per share, in a deal worth EUR 15.1m, the two companies said Friday. A takeover bid for the remainder of the outstanding stock will be published shortly.
The acquisition is a part of Beaulieu's global PVC market expansion and makes the company the no. 3 in the world in the segment of PVC floor covers, the two companies said in a joint press release.
Beaulieu International CEO Geert Roelens is quoted as saying that the acquisition will allow the company to "focus on further development and growth and expand market share".
The news comes a year after the owners of a majority stake in Juteks, a mix of banks and investment funds, formed a consortium and set out to offload their shares.
The acquisition price is less than two euros higher than Juteks's closing price on the Ljubljana Stock Exchange today.
However, Juteks has been one of the top performers this year, nearly trebling in value since 1 January.