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PUR Foam Maker TKK Sold to Belgian Soudal Holding

Bovec, 17 June (STA) - The Abanka bank and construction materials company Salonit Anhovo sold their combined 92.5% stake in polyurethane foam maker TKK Srpenica to Belgian company Soudal Holding NV in Monday's auction in Bovec, Abanka told the STA.

Abanka sold a 62.3% stake in TKK, which is based in Srpenica in western Slovenia, which it seized from the Church-owned Zvon ena and Zvona dva holdings, which are in receivership. Salonit Anhovo sold its 30.2% stake.

The interest to acquire one of Europe's leading companies in the field was also expressed by Estonian company Krimelte, which carried out due diligence of the company before the auction.

TKK Srpenica is one of the leading European makers of polyurethane foam and makes other products for use in construction, including concrete additives, mortar and sealants. Its main markets are Italy, Germany and Russia.

The company's sales amounted to nearly EUR 44.7m in 2012, of which up to 90% was exports, while operating profit stood at EUR 3.5m and net profit at EUR 1.1m.

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