Electronics Production | November 12, 2008
Balda acquires joint venture Balda Lumberg Deutschland completely
Balda has acquired the entire stake in the joint venture company Balda Lumberg Deutschland GmbH & Co. KG, Bad Oeynhausen, from the Lumberg Group, Schalksmühle, effective as of immediately.
The company, now fully owned by Balda AG, is the holding company of the two Brazilian Group companies located in Sao Paulo and Manaus. The involved parties have agreed to observe secrecy with respect to the details of the purchase agreement. The Brazilian Group companies represent around 5 per cent of Group sales of 207.1 million euros as of September 30, 2008 (quotal consolidation). Balda is not likely to invest further in Brazil. Until further notice the two companies will be consolidated at 100 per cent. With this acquisition Balda is keeping all options open how to proceed in Brazil.