Leverkusen, Germany - Bayer announced 30 Oct that it is to sell its machinery subsidiary Hennecke Group to the Adcuram Group, of Vienna and Munich. No financial details of the transaction were revealed. The deal was announced on Hennecke's stand at the K2007 exhibition in Düsseldorf, Germany.
The sale is scheduled to be completed by the end of the year.
Hennecke. headquartered in Sankt Augustin near Bonn, Germany, has over 60 years experience producing polyurethane processing machinery and equipment. The machinery maker is a leading international supplier, particularly in the slab foam, refrigerating appliance, sandwich panel and moulded building component sectors. It manufactures in St Augustin; Pittsburgh, Penmsylvania; Singapore and Shanghai (China).
The company employs about 500 people and posted sales of about Euro 80 million in 2006, said Bayer.
Bayer Group announced in March 2007 that it planned to sell thepolyurethane processing machinery business, saying it did not"constitute one of the company's core competencies."
Privately owned Adcuram is an international, fast growing industrial group which invests in high potential companies in manufacturing and related services. Adcuram says it is independent of short-term financing sources so that its acquisitions are supported by the group´s private owners' financial strength and commitments. Hence, Adcuram can follow a long-term entrepreneurial strategy.
Holding company Adcuram Group AG aims to develop the group companies with an expert team looking at operational improvements, growth strategies, and complementary acquisitions.
According to Bayer, the Bayer MaterialScience unit and Hennecke "wish tomaintain their business relationship in future so as to ensurecontinuity for customers."
Pic: Ercihan Kurt, Hennecke's director responsible for slabstock equipment, revealed at the company's K 2007 stand on 24 Oct that two groups tendered rival bids for the machinery firm. Kurt is standing in for Hennecke managing director Rudulf Brumund, who is absent on sick leave.