Offer of CHF 1.29billion
Swiss bathroom equipment manufacturer Geberit has made an offer to buy Finnish sanitaryware manufacturer Sanitec for CHF 1.29billion.
The offer is expected to begin on or around November 17, 2014 and expire on December 22, 2014.
The acquisition will be completely financed by Geberit using its own funds, as well as by new debt to be taken on.
Sponsored Video
Geberit CEO and Chairman of the Board of Directors Albert M. Baehny commented: “This transaction will make us the leader in the sanitary products industry and expand the addressable market for Geberit. We will strengthen our access to end consumers and our presence in showrooms.
These aspects are crucial, especially in those markets where end consumers are the key decision makers. The transaction is a promising union of leading brands in the areas of sanitary technology and bathroom ceramics. The outstanding reputation of both companies for product quality and reliability, service and innovation combined with strong brands make this combination a perfect match.”
Sanitec has net sales of EUR 702million in 2013, with an EBIT margin of 9.7% and employs 6,200 employees worldwide, across 18 production facilities and 24 sales offices. It owns 14 brands, including Twyford Bathrooms and Keramag Design in the UK.