LYON, FRANCE (July 5, 10:15 a.m. ET) — Lyon-based Nief Plastic Group is expanding in Europe by acquiring German-based thermoplastic and thermoset molder Poschmann GmbH & Co., as well as its Polish subsidiary Poschmann Polska Sp. z.o.o.
Nief is not disclosing the terms of the deal, but CEO Gilles Nief said there will be no job losses in France or Germany.
At the moment, the company is not looking at any other external growth projects but will instead focus on developing current projects with customers, he told European Plastics News.
The acquisition will give Nief Plastic a development center and production plant in Germany, as well as a second plant in Poland.
Poschmann, whose sales totaled 35 million euros ($43 million) in 2011, specializes in thermoplastic and thermoset moldings, as well as specialty technology such as injection molding of hollow bodies from retractable core molds.
Nief, which is present in the French, German, Polish, Hungarian, Slovakin, Tunisian and Moroccan markets, says the deal will give it a presence on both sides of the Rhine on “the two major European industrial markets..
Nief is expecting sales of 200 million euros ($248 million) this year.