Fiberweb Plc, a London-based supplier of non-woven fabrics, has acquired Nordenia International AC’s 50% stake in Coronor Composites GmbH, a manufacturer of fabrics, for some €3.1 million (£2.9 million).
Fiberweb Plc, a London-based supplier of non-woven fabrics, has acquired Nordenia International AC’s 50% stake in Coronor Composites GmbH, a manufacturer of fabrics, for some €3.1 million (£2.9 million).
Coronor manufactures non-woven fabrics and films, primarily for medical drapes. The acquisition is in line with Fiberweb’s strategy of simplifying the group and investing in businesses with potential for sustainable differentiation and good growth prospects.
Coronor reported pre-tax profit of €620,000 (circa £580,000) in 2008. The transaction is expected to be earnings neutral for Fiberweb in 2009.
Fiberweb reported strong trading figures in 2008, with a 36 per cent increase in underlying operating profit to £18.8 million. Fiberweb chairman Malcolm Coster said: “I am delighted that 2008 saw a continuing solid recovery in the group’s performance, despite a high degree of cost volatility and recessionary pressures in most markets.” The sale is subject to the approval of the German Cartel Office.
