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ALMELO, The Netherlands, December 15 /PRNewswire-FirstCall/ -- Following
on from earlier reports, Royal Ten Cate announces that the Polyfelt
acquisition process has been formally completed, thus making the takeover a
reality. The approval of the competition authorities has been obtained. The
acquisition involved an amount of EUR70 million, which has been financed from
ongoing credit facilities.
Ten Cate together with Polyfelt occupies a leading position on the global
market for geosynthetics. Ten Cate experienced significant growth in this
market in 2005, particularly in the United States. This is a growth market
worldwide, especially in the field of water management and the environment.
As a result of this acquisition Ten Cate will now be able to offer a wide
range of products with high technology support throughout the world. Polyfelt
has a sales and distribution network that is spread well geographically
throughout Central and Eastern Europe and Asia, where the two organizations
complement each other well.
The completion is also announced of the combined sale of the Ten Cate
Permess and Multistiq companies. Ten Cate Permess manufactures interlinings
for ladies and mens fashions and sells its products principally in Europe
and Asia. Multistiq produces mainly self-adhesive and heat-seal base
materials for labels and information carriers and supplies, among others,
specialist manufacturers of label materials. The companies are well
positioned to develop further independently in their specialist niche markets.
Both transactions support Ten Cates buy-and-build strategy, which is
aimed at strengthening the strategic base and the acquisition of companies
within the five strategic growth cores: protective fabrics, aerospace
composites, antiballistic materials, artificial grass and geosynthetics.
http://www.tencate.com
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