Hamburg, Germany-based Biesterfeld Plastic GmbH, a distributor for the European plastic and rubber industry, announced that it has bought the shares owned by Fred Holmberg in their mutual joint venture, Malmö, Sweden-based Biesterfeld Nordic AB.
The deal closed on Dec. 1. Holmberg had owned 50 percent of the joint venture.
“Our subsidiary Biesterfeld Nordic AB has enjoyed positive growth since their foundation in 2012. A number of our key suppliers have supported our growth since the foundation and trust in our service,” said Carsten Harms, managing director of Biesterfeld Plastic, in a news release.
“Our aim is to expand further in Scandinavia, and to extend our product portfolio to enter new segments and branches. We are going to strengthen our sales team in the coming year to achieve this,” said Jens Imbeck, managing director of Biesterfeld Nordic.
Biesterfeld Plastic, is a subsidiary of the Hamburg-based Biesterfeld Group which reported annual sales of 1.06 billion euros ($1.31 billion) in 2013.