Industrial systems supplier Hydratec Industries NV is in the final stages of negotiations with financial services company Wadinko NV to acquire majority ownership of two Dutch plastics machinery businesses.
The company said Oct. 8 it was in talks to purchase 75 percent of the shares in Hengelo, Netherlands-based injection molding machinery supplier Stork Plastics Machinery BV and Dedemsvaart-headquartered plastic pipe extruder Rollepaal Holding BV.
Hydratec is a global specialist in industrial systems and components with a focus on the agriculture, food, automotive and health markets.
The company expects its investment in the two businesses will support the companies' continued growth.
"This plan dovetails very well with Hydratec Industries' growth ambitions. Both these machinery manufacturers have many years of experience and are true specialists in their niche markets. This constitutes a major expansion of Hydratec Industries' Systems activities," Hydratec CEO Bart Aangenendt said.
With the proposed acquisition, Stork will continue to operate as an independent company and will retain its current brand and company logo, while also immediately tapping into Hydratec's the global reach, experience, and information sharing system.
"Hydratec is a recognized technology leader in all its activities and the industry leading solutions offered by Stork IMM fit perfectly with this strategy," Stork CEO Oscar de Gruijter, said in welcoming the new ownership structure.
Founded in 1968, Stork IMM is a manufacturer of injection molding machines and specializes in machinery for thin-walled products, including for the food industry. The company employs 150 at its facilities in Hengelo, Netherlands, and Meinerzhagen, Germany.
Rollepaal's most important activity is the development, manufacture, assembly and sale of equipment for the production of PVC pipes.
Rollepaal also designs and manufactures injection molds for pipe fittings as well as machined components that are also supplied to third parties. The company employs 230 people at its facilities in Dedemsvaart, Ahmedabad, India and Baltimore.
According to Hydratec, the combined annual sales of both companies totals 75 million euros ($82.3 million).