Business News

Beaulieu Takeover Bid for Juteks Successful

Žalec, 13 December (STA) - Belgian industrial group Beaulieu International raised its stake in PVC flooring maker Juteks to 91.1% in a takeover bid published in early November, the company said Thursday after the Securities Market Agency confirmed the success of the takeover bid.

Beaulieu initially acquired 52% of Juteks from a consortium of owners for EUR 15.1m or EUR 45 per share in October, whereupon it published a takeover bid for the outstanding shares.

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.

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.

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