Horgen, July 3, 2017 - Schweiter Technologies is further strengthening its composite business and has entered into an agreement to acquire Athlone Extrusions, Ireland, a leading manufacturer of coloured opaque multilayer plastic sheeting. In 2016, Athlone generated sales of approx. EUR 62 million. The agreed enterprise value for Athlone Extrusions, (on a cash free/debt free basis) is EUR 48 million. The transaction is expected to be completed by the end of July 2017.
Athlone Extrusions (www.athloneextrusions.ie) is based in Athlone, Ireland and is one of the leading manufacturers of coloured opaque multilayer plastic sheeting in Europe. The plastic sheets are primarily used by thermoformers who manufacture parts for the automotive industry (low series recreational, agriculture, and construction vehicles), sanitary ware industry (shower trays, bath panels), office equipment, point of sale and furniture industries. Athlone has highly developed expertise in the manufacture of complex multilayer sheets in customer specific colours which combine the advantages of consistent embedded colour, surface finish, ease of thermoforming, light weight and recyclability. Athlone Extrusions has one of the largest scale production sites in Europe. It has a very experienced sales team with local representatives based in several European countries and a total workforce of 175 persons.
In acquiring Athlone, Schweiter is strengthening the transport & industry business of the 3A Composites division, following the successful acquisition and integration of Foamalite (2012) and Polycasa (2015). The coloured opaque multilayer materials produced by Athlone will ideally complement the existing product range of various hard and light foam materials, aluminium sandwich panels and transparent and opaque plastics sheets. The acquired business will gain strength and improved market position through access to the wider 3A Composites network of production plants and personnel across Europe. Thanks to its focus on product development, quality and customers, Athlone is an excellent complement to the existing activities.
In light of current events, a Media and Analyst Conference will be taking place at the Hotel Marriott, Zurich, at 11.00 on 3 July 2017.
For further information please contact:
Martin Klöti, CFO
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti@schweiter.com
Please find the Media release in the PDF attached:
Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/b32dd34a-6e51-48ef-8bca-41ea3fdd72bf
