Business News

Gorenjski tisk Takes Over Cetis

Celje, 16 October (STA) - Printing company Gorenjski tisk has taken over Cetis, the Celje-based graphic and printing company, with the help of an affiliate. The companies acquired 23.11% or 46,211 Cetis shares at EUR 25 a piece in a takeover bid that expired on Saturday, raising their interest to 62.35%, the companies said in a notice published in Delo.

Gorenjski tisk first bought 94.52% of Cetis-Graf, the sheltered workshop that is the biggest single shareholder of Cetis, at an auction in July.

While the public takeover bid for Cetis shares was under way, Gorenjski tisk also offered to buy the remaining Cetis Graf shares, thus increasing its shareholding in the sheltered workshop to 96.96%.

Just over one quarter of Cetis is owned by the state-run SOD and KAD funds, manufacturer Kovinoplastika Lož and asset manager NFD Holding, which rejected the takeover bid because they considered the price offered much too low.

Meanwhile, 283 other shareholders accepted the bid. An intention to sell his 331 shares was also announced by Cetic chairman Roman Žnidarič.

The chairman does not expect the takeover to affect some 300 jobs at Cetis, counting that the move would result in synergy for the companies.

Cetis, which prints Slovenian passports and IDs, among other things, generated sales revenues of EUR 22.2m in the first half of the year, up 14% on the year before. Operating profit more than doubled to EUR 3.6m , while net profit decreased by 7% to EUR 1.3m.

Gorenjski tisk and Cetis-Graf plan to allocate the bulk of the profit for the company's development and further growth, the companies said in the positing in Delo.

They plan to keep Cetis's existing business structure and capitalise on its potential in research, development, innovation, supply chain management, production, sales and marketing.

The new owners expect MSIN, the group comprising Gorenjski tisk and EGP of Škofja Loka, and Cetis to achieve expansion of operations through synergy and appearance in new markets.

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