Zurich, Switzerland – FoamParter is set to double in size as its parent, Conzzeta, today announced it will buy Otto Bock Holding's polyurethane business.
FoamPartner set to double in size with Otto Bock purchase
The deal is expected to close in the second half of 2017 subject to regulatory approvals.
Georg Nader, managing partner of Otto Bock Holding said: ‘We are glad to be with Conzzeta, the ideal, long-term oriented buyers. We are convinced the connection with FoamPartner is in the best interests of the employees.’
Michael Willome, Conzzeta ceo said: ‘The transaction is a further logical step towards internationalisation of the Conzzeta Group. The broadening of the presence in Asia and North America opens growth opportunities. With the largely complementary product portfolio of Otto Bock, we can increase sales of FoamPartner, we have almost doubled our market position.’
Otto Bock’s foam business had sales of around EUR 130m in 2016. FoamParner will take over all of Otto Bocks foam production in Rochetser Hills, Michigan and Guangzhou, China as well as the 50% of a joint venture with Otto Bock in China. The Otto Bock businesses, Technogel and mattrazzo are excluded from the deal.
Otto Bock Holding added that the move enables it to focus more on its core business of technical orthopaedics. No price was disclosed.