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Acquisition of Foboha GmbH Formenbau in Germany: Leading moldmaker joins the Adval Tech Group
Niederwangen (ots) - Stock market-listed Adval Tech Holding Ltd. will acquire Foboha GmbH Formenbau, the leading German moldmaker in the plastic injection molding sector, as of January 1, 2003. Adval Tech intends Foboha to operate as an independent company with its own market interface within the Injection Molding Division.
The acquisition of Foboha corresponds to the Adval Tech Group's strategic objectives: it reinforces its position on the market in the injection molding sector and adds interesting technological capabilities in the field of multi-component technology. Foboha is based in Baden-Württemberg and is a world leader in the development, design and manufacture of injection molds for the plastics industry. In common with its future affiliate AWM, Foboha is able in principle - by virtue of its technical and organizational know-how - to cover all application segments in injection molding technology. The dominant spheres of activity at present are consumer goods packaging, medical technology, telecommunications and electronic equipment. With the addition of Foboha the division will therefore be less dependent on the markets for optical discs (ODs) and OD packaging.
Foboha occupies a particularly strong position in two-component and multi-component technology. This is where different plastics with differing properties are combined with each other. Foboha books more than 60 percent of its sales (expected turnover for 2002: almost 43 million Swiss francs) on the export market. Foboha has a total workforce of 164 employees.
With the sale of Foboha to the Adval Tech Group, the founder and owner of the company, Werner Bodmer, has made a far-sighted succession arrangement which will enable the company to grow and continue its technological development while remaining largely independent. The parties have agreed not to disclose the purchase price.
The companies in the adval tech Group operate in the technology sectors of stamping and forming (metals) and injection molding (plastics). They manufacture production equipment, i.e. molds, tools and entire production lines for manufacturing precision components and products, as well as manufacturing such components and products in large volumes themselves. The Injection Molding Division includes the AWM companies in Muri, Merenschwand, Hong Kong and the USA, as well as Foboha GmbH Formenbau in Haslach, Germany, as of January 2003.
You will find further information on Foboha at www.foboha.de.
ots Originaltext: adval tech Holding AG