PCB | August 04, 2009
Chemitalic – back as independent PCB manufacturer
Chemitalic – is back-in-business through a Management Buy-Out from GPV PCB Division.
In 2003 Chemitalic became part of GPV’s PCB division through the merger between Sieker Print, Printca and Chemitalic and has since then been owned by GPV Group. On April 21st, 2009 GPV PCB Division submitted a petition for compulsory winding up and GPV Group announced in early April that they no longer saw a strategic fit with the production of PCB’s and therefore were seeking new owners for the still operational parts of the PCB Division. GPV PCB Division has entered into an agreement, through a Management Buy-Out, to sell its shares in GPV’s PCB factory in Suzhou, GPV Printed Circuits (Suzhou) Ltd., to two employees from GPV PCB Division. The Industrialization Fund for Developing Countries – IFU – will maintain an engagement in the factory. The company name will be changed to Chemitalic Suzhou Ltd. The location of the factory is in Suzhou, 2 hours outside of Shanghai, China, where production of PCB’s was initiated in 2005. A Scandinavian sales office will be opened in Horsens, Denmark under the name Chemitalic Denmark A/S. Part-owner and Director of Chemitalic Denmark A/S, Palle Morthorst comments: ”Our direct ownership enables our European customers to have the same conditions and influence on their supplier, as they have been used to when the factory was physically located in Denmark. The new Chemitalic will appear as a superior, differentiated and independent alternative to traders and other local market players” With this MBO a sustainable solution for GPV’s desire to leave the PCB market has been found, while at the same time carrying on the proud traditions, in which Chemitalic was founded and operated. The factory has received a lift in terms of quality, capability and capacity, as several machines from the closed facility in Denmark has been moved and installed over the summer. Steen Svendsen – part-owner and Director of the new Chemitalic Suzhou Ltd. comments: “To take over this factory and drive and develop it into the future is a fantastic opportunity. The factory has a unique market position and has developed positively over the past 2 years. We are very optimistic in relation to making the new Chemitalic the leading supplier of PCB’s to the Scandinavian and Northern European markets and through that ensure our existence on the long-term”