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Fibertex agrees to buy 85% stake in Tharreau Industries
Mar '11
Fibertex Nonwovens, a wholly-owned subsidiary of Schouw & Co., has agreed to acquire 85% of the shares in Tharreau Industries, a French manufacturer of nonwovens, from the company's principal shareholder. The agreed selling price is EUR 30 per share, implying a price of EUR 39.9 million for all shares in the company.

The agreement is subject to ordinary terms and conditions including regulatory approval, which is expected in April 2011. If the transaction is completed as planned, Fibertex Nonwovens intends to submit a mandatory tender offer to the other shareholders of Tharreau Industries.

Tharreau Industries is listed on NYSE Euronext Paris and generated revenue of EUR 53.7 million in 2010. No other 2010 figures have been released at the present time, but the company has historically generated good earnings with its EBIT margin normally above 10% and it has traditionally maintained limited gearing.

The acquisition is expected to generate substantial synergies for both Fibertex Nonwovens and Tharreau Industries and, combined, the two companies will have the potential to create Europe's leading manufacturer of industrial nonwovens.

The acquisition is expected to contribute favourably to Schouw & Co.'s 2011 financial results. Additional information is expected to be provided no later than in the Q1 2011 interim report.

Schouw & Co.'s 2010 Annual Report is scheduled for release on Thursday, March 10, 2011.

Fibertex Nonwovens

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