Report: Koelner and Srubex To Merge
Report: Koelner and Srubex To Merge
Jason Sandefur
Polish fastener manufacturer Koelner will merge with Srubex SA, Polish News Digest reported. The transaction involves a stock swap of Srubex shares for newly issue shares by Koelner.
Koelner reportedly plans “significant investments” in the Srubex plant in southeastern Poland. The company also plans to transfer part of its production there.
Srubex exports 70% of its output to Belgium, France, Spain, Portugal, the U.S., the Czech Republic, Slovakia and Hungary. Web: srubex.com.pl
Koelner has been pursuing Srubex stock for the past year, investing more than PLN 120 million (US$40 million) to finalize its acquisition of Srubex.
In 2006 Koelner reported net profit rose 49% to PLN 41.8 million (US$10.7m) on a 77% jump in revenue to PLN 428.4 million (US$144.9m). The company employs about 1,000 workers. Web: koelner.com.pl �2007 FastenerNews.com
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