Home / Knowledge / News / Textiles / Gamma Holding completes sale of Coating & Composites
Gamma Holding completes sale of Coating & Composites
02
Nov '09
In the trading update of 23 October 2009 Gamma Holding announced its intention to sell virtually the whole business unit Coating & Composites, including Verseidag Ballistic Protection, to a German company. The sale has now been completed and the units involved have been sold for a sum of EUR 37.5 million to Jagenberg AG, an industrial company mainly active in the field of machine building. As a result of this sale, Gamma Holding has reduced its debt.

The units sold represent anticipated annual turnover of EUR 76 million and EBITDA [1] of EUR 2.5 million. The number of employees involved is 271. The product group PTFE-coated glass woven fabrics for industrial applications, which formed part of Coating & Composites, will be transferred to Belting. PTFE represents anticipated annual turnover of EUR 13 million and makes a limited contribution to EBITDA [1]. The unit employs 134 people.

Gamma Holding will continue to focus on further strengthening its market positions and on implementation of the programme of cost savings within its remaining business units Belting, Filtration, Sailcloth, Sleep Care Fabrics and Exotic Fabrics. Furthermore, Belting will employ Mr. M. R. (Michael) Vogel as new General Manager from 1 January 2010. Mr. Vogel previously held various management positions at the German technology group GEA AG from 1996.

Gamma Holding develops, manufactures and sells innovative, high-quality industrial and consumer-related textile products throughout the world, varying from process and conveyor belts to products for filtration processes, sailcloth, mattress ticking and ethnic fabrics. With these products, the company is a leading global player in its selected niche markets. The company has some 6,500 employees in 43 countries.

Gamma Holding


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search