IPTE successfully completes Platzgummer acquisition

Platzgummer GmbH specializes in developing and producing customized automation solutions. The company is located at Karlsfeld, close to Munich (Germany). Platzgummer's customers are German and international suppliers to the automobile, metal and packaging industries. The acquisition of Platzgummer is taking place in two stages. 80% of the shares are being acquired with immediate effect. The remaining 20% will be purchased in January 2011. The price for 100% of the shares is €4.5 million. An additional payment can be made if the results in the next three years exceed minimum targets. This additional payment has been set as a function of future results during this three-year period. The 20% of shares that IPTE is not acquiring immediately are held by Platzgummer’s executive management. At takeover date, Platzgummer has an equity of €1.8 million. The company has no bank debts. Platzgummer has posted an annual turnover of around €10 million in recent years. The EBIT margin was 8%.