Veka Group Acquires GealanMarch 12th, 2014 by DWM Magazine
Veka Group announced that it will acquire Gealan Holding GmbH from the owner, financial investor Halder Beratungsbeteiligung. This deal 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 still is pending approval from the respective authorities.
“As an essential partner for European window manufacturers, we have to face the challenges of the market,” says Andreas Hartleif, CEO of the VEKA Group. “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 marketplace.”
Veka Group, a family-owned company headquartered in Sendenhorst, Germany, employs more than 3,600 people at 25 subsidiaries on three continents around the world, 1,300 of which work at the company’s headquarters. The company generated €793 million in turnover in 2013. Internationally, more than 2,200 specialized companies use Veka systems to create PVC-U structural elements, according to a company statement. With its takeover of Gealan Holding GmbH from financial investor Halder, the Veka says it will be increasing its staff once again, by 1,150 employees, and its total annual turnover will reach more than €1 billion.
Joe Peilert, president and CEO of VEKA Inc. says he is extremely pleased about the deal. “It means that we will soon benefit from the rich, comprehensive experience and profound expertise of both companies in the areas of extrusion, profile technology, and market development.”
“With this takeover, we have once again underscored our strength and our importance to the window industry in Europe,” adds Hartlief. “We are consistently working on improving our respective position on a range of different markets.”