Kendrion in Big Takeover in Germany
AMSTERDAM, 08/05/13 - Kendrion, producer of electromagnetic components, announced Tuesday the acquisition of German company Kuhnke, which booked 2012 sales of 110 million euros. Kendrion itself generated sales of 285 million euros last year.
Kendrion has taken over all of the shares in the German company. No details were given of the price of the transaction. The company is paying for Kuhnke partly in cash, but will also issue new shares itself to finance the acquisition.
Kendrion reached an agreement with the shareholders and management of the German company on the acquisition. Kuhnke, active in the automotive and automation sector, has some 1,100 employees and, and locations in Germany (500 employees), Romania (560 employees) and Sweden.
Kendrion is targeting sales of between 450 and 500 million euros by 2015. The Dutch company reported first-quarter sales of 71.4 million euros this year, down 8 percent from the same period last year but up 9 percent from the last quarter of 2012
Earnings dropped by over 50 percent to 2.6 million euros from 5.3 million. Kendrion commented that the first months of last year were exceptionally good, and that earnings are rising again compared with the final months of 2012. Kendrion is giving no specific forecast for the full 2013 year, in view of the persistently difficult economic conditions.