TenCate sells non-strategic associated company in Australia
29 Jun '09
1 min read
Royal Ten Cate (TenCate) and Noel P Hunt International Limited have reached agreement on the takeover of the TenCate 50% interest in the joint venture Geofabrics Australasia Pty Ltd of Cheltenham (Australia).
The takeover price of the shares amounts to AUD 40 million (approximately € 23 million). The book profit on the sale of the 50% interest amounts to approximately € 11 million and will be incorporated in the half-year figures of TenCate.
The 50% shareholding of TenCate was acquired in 2005 through the takeover of the Austrian company Polyfelt. Noel P Hunt International Limited was already a joint shareholder in Geofabrics Australasia.
Given the strong worldwide market position and the integration of Polyfelt into the geosynthetics activities of TenCate, the equity participation in Geofabrics Australasia, without majority control, is not seen by TenCate as strategic. Good agreements have been reached with the company concerning the continuation of commercial cooperation.
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