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

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search