By David Vink, Plastics & Rubber Weekly
London - Austrian company Polytec Holding has raised syndicated financing amounting to Euro 112.5 million ($177 million) through a consortium led by the local Raiffeisenbank Oberösterreich bank and involving Bank Austria Creditanstalt and Investkredit Bank.
Taking cash reserves into account, Polytec says that it now has around Euro 200 million available for further acquisitions. This would ensure "further substantial growth of Polytec Group", the company stated, without indicating whether one large purchase or a number of smaller acquisitions will be involved.
Polytec has a report on its website in which the group's finance director Wolf-Dieter Gabriel tells Austrian business publication Wirtschaftsblatt: "The moneyhas not been allocated to any specific project, we are currentlychecking different projects."
The report says that Polytec had recently expressed interest in acquisition of Polynorn Plastics, the Dutch producer of plastic automotive parts, from its Austrian parent, the Voest Alpine steel group.
As reported earlier this year, German seating and interiors supplier Grammer AG has resisted Polytec's moves to acquire it. Polytec meanwhile holds a 9.6 percent share in Grammer.
Polytec's ceo Friedrich Huemer recently told Automotive News Europe that "Polytec has to grow with a strategic partner. And if it is not Grammer, then it will be another interior specialist or at least a plastic-related company in Europe".
Plastics processing companies acquired earlier by Polytec have included Thermoplast, Riesselmann and the moulding operations of Menzolit-Fibron - the latter being in the same business activity area as Polynorm.
• Plastics & Rubber Weekly and Automotive News Europe are sister publications to Urethanes Technology International.