Fiberweb weaves a deal with Coronor to buy Nordenia

21 Mar '09

1 min read

Fiberweb plc is pleased to announce that it has agreed to acquire the 50% interest of its joint venture partner Nordenia International A.C. in Coronor Composites GmbH (“Coronor”) for a cash consideration of €3.1 million (circa £2.9 million). The sale is conditional upon the approval of the German Cartel office.

Coronor manufactures unique composite materials made of nonwoven fabrics and films primarily for use in the manufacture of medical drapes and its sole manufacturing line is located within Fiberweb's site at Peine, Germany. The acquisition is consistent with the Fiberweb's strategy of simplifying the Group and investing in businesses with potential for sustainable differentiation and good growth prospects.

Coronor's gross assets as at 31 December 2008 were €4.0 million (circa £3.7 million), including €2 million cash (circa £1.9 million) and pre-tax profit for the year ended 31 December 2008 was €0.62 million (circa £0.58 million). The transaction is expected to be earnings neutral for Fiberweb in 2009.

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