HAMBURG, GERMANY (Jan. 10, 12:30 p.m. ET) — Polymer distributor Biesterfeld AG has acquired all shares of Küttner GmbH of Speyer, Germany, with immediate effect.
The transaction, which is still subject to regulatory approval, is intended to position Biesterfeld Plastic GmbH to expand its business in rubber, rubber chemicals and thermoplastic elastomers.
Carsten Harms, managing director of Biesterfeld Plastic, said: “…In recent years Biesterfeld Plastic has built a specialized rubber distribution structure across Western Europe. Our new addition enables us to move further into the highly strategic markets of Central and Eastern Europe.”
Küttner GmbH has a turnover of approximately 25 million euros ($32.7 million) and 15 employees. Twelve of these are located in Speyer and three in Moscow.
Among Küttner's main suppliers are ExxonMobil Chemical and Cabot, which are also strategic suppliers for Biesterfeld Plastic.