ERIKS expands its sealing technology activities in the Netherlands
FromExecutive Board ERIKS group nv
Telephone+31-72 54 75 888
Date5 May 2004
SubjectERIKS EXPANDS ITS SEALING TECHNOLOGY ACTIVITIES IN THE NETHERLANDS
On 15 May 2004, the ERIKS group acquires, via its subsidiary ERIKS bv in Alkmaar, all activities (assed deal) of Freudenberg Simrit bv in Naarden, the Netherlands.The due diligence is completed and the agreements are signed.
Freudenberg Simrit bv is a sales company of Freudenberg Simrit KG, a leading and worldwide operating manufacturer of seals based in Weinheim (near Frankfurt/Main), Germany. The activities of the company in Naarden comprise the marketing, sale and partly the processing of products and services especially in the field of sealing technology (hydraulic seals, oil seals, O-rings, molded rubber parts). With 10 employees the company achieves sales of approx. € 2.6 millions.
Freudenberg Simrit bv delivers directly to the industrial end-users, mainly OEM customers in the Netherlands.
This acquisition fits in with ERIKS’ policy to renew and strengthen its position in the various core activities.
With this acquisition:
- ERIKS enters into a strategic cooperation with a worldwide leading manufacturer of seals;
- ERIKS increases its know-how of products and applications and sets foot on new markets;
- ERIKS can offer an even better integrated concept for seals (expansion of the product range, product and application know-how, processing, logistics services);
- sales in the sealing technology core activity is increasing to well over € 40 millions.
The total funds required for this acquisition will be fully financed from the company’s own resources. We expect that the acquired activities will contribute immediately to the operating result.