HASSFURT, GERMANY (Dec. 6, 12:40 p.m. ET) — Nord Holding Unternehmensbeteiligungsgesellschaft mbH has sold its majority shareholding in Unicor GmbH, the German plastic pipe corrugating equipment group, to GAW Group Pildner-Steinburg Holding, a family-run industrial holding company based in Graz, Austria.
Terms were not disclosed.
Nord Holding, based in Hanover, Germany, and the management team at Unicor had acquired Unicor from Espoo-Finland-based pipe extruder Uponor Group in 2005.
The Unicor management team of Klaus Kaufmann (CEO), Gerhard Haefner (technical plant manager) and Hubert Kossner (head of R & D) will continue in management and as shareholders in the company.
The new majority owner was introduced to customers at an open house event at Unicor's facility in Hassfurt, Germany, in mid-November.
Kaufmann said: “GAW is a company that has impressed the market with its outstanding products and black figures in its balance sheets ever since it formed 60 years ago. With this strong partner, we can continue to systematically drive forward the development of Unicor as one of the leading companies of our industry.”
GAW has holdings in companies for industrial plant construction and engineering in three markets: paper, automotive/industrial solutions and environmental solutions. The group employs 1,300 and generates annual sales of 200 million euros ($260 million), with exports amounting to 90 percent of total sales.