By Jaroslaw Adamowski
Riga -- Krimelte, an Estonian construction materials producer has bought 75% of Spain’s Olive Quimica, which makes polyurethane foams and sealants, Krimelte said in a statement. No price was disclosed.
Krimelte is part of Wolf Group, a Tallinn-based holding with production facilities located in Estonia, Spain, Russia, and Brazil. The group says it posted revenues of EUR 86 million (USD 116.9 million) in 2013, and it has a workforce of about 270.
Set up in 1974, Olive Quimica operates two facilities in Barcelona, Spain, and Lille, France. The Spanish company has a workforce of more than 85. In 2013 it had sales of about EUR 20 million (USD 27.2 million).
Jaan Puusaag, chairman of Wolf Group’s management board, said the deal is a "strategic step that will further strengthen and diversify the product portfolio of Wolf Group and also expand its export geography.”
XE Currency Conversion: 12 February 2014.