The Veka Group, the producer of PVC-U profile systems for windows and doors, has announced that it will acquire Gealan Holding GmbH from the owner, financial investor, Halder Beratungsbeteiligung.
This deal reportedly includes all subsidiaries and activities of Gealan within Europe. It has been agreed between the parties that all details regarding this deal will be kept strictly confidential. The takeover is still pending approval from the respective authorities.
By acquiring its competitor, Gealan, the Veka Group says it is strengthening its competitive position in Germany, Europe, and the rest of the world.
Andreas Hartleif, CEO of the Veka Group, commented: “As an essential partner for European window manufacturers, we have to face the challenges of the market. That’s why we are strengthening our own competitive situation and, by combining our extensive expertise in profile technology, we will tap further market potential and opportunities for turnover. Additionally, we are contributing to the consolidation of the market place.”
The family owned Veka Group, which reportedly generated €793 million in turnover in 2013, employs more than 3,600 people at 25 subsidiaries on three continents around the world. Internationally, more than 2,200 fabricators use Veka systems to create PVC-U products.
With its takeover of Gealan Holding GmbH from financial investor Halder, the Group will be increasing its staff once again, by 1,150 employees, and its total annual turnover will reach more than €1 billion.
Dave Jones, Veka UK Group managing director, commented: “As many of us in the industry are aware, the current market is extremely difficult, yet Veka has continued to invest in its systems, people and plants across the world and is now in the position to demonstrate further investment and stability with this acquisition.”
Gealan has two factories in Germany, along with others in Russia and Poland. In addition to this, there are a further nine sales offices across Europe in countries such as Italy, Croatia and Romania.
Dave Jones concluded: “Whilst the acquisition of Gealan will not impact directly on the Veka UK Group – it will continue to be business as usual for us in the UK – it is positive news for Veka and Halo fabricators as it reinforces our Group’s stability and vision for long term investment.
,“We believe this is fantastic news for customers of the Veka UK Group and indeed Veka users worldwide, as there is now one clear choice for fabricators and installers wishing to partner with a secure, stable profile manufacturer.”