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Beaulieu International Publishes Takeover Bid for Juteks

Žalec, 09 November (STA) - Belgian industrial group Beaulieu International has published a bid for the remaining shares of the Slovenian maker of PVC floor covers Juteks after it already acquired 52.42% of the company at the end of October.

Like in October, when it bought EUR 15.1m worth of shares from state-owned insurer Modra zavarovalnica, Probanka, the KD Group insurance division and fund manager KD Skladi, asset management firm Triglav skladi and Banka Celje, Beaulieu International is offering EUR 45 per share.

No success threshold was set in the bid that expires on 7 December.

The acquisition of Juteks 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, Beaulieu said in October.

The takeover came 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 Žalec-based Juteks, which has a workforce of 292, plans sales of EUR 66m this year and reported group net profit of EUR 4m for the first nine months.

Including Juteks, Beaulieu's PVC floors division projects revenue to top EUR 148m.

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