VEKA Group will acquire GEALAN Holding GmbH, the European manufacturer of smart window systems, from Halder Beratungsbeteiligung, including all of GEALAN's European subsidiaries and activities. With the takeover still pending approval, both companies have agreed to keep details of the deal confidential.
By acquiring its competitor, the VEKA Group is strengthening its competitive position in Germany, Europe and throughout the world, it reports. "We have to face the challenges of the market," says Andreas Hartleif, CEO of the VEKA Group. "That’s why we are strengthening our own competitive situation and, by combining our extensive expertise in profile technology, we will tap further market potential and opportunities for turnover."
The family-owned VEKA Group employs more than 3,600 people at 25 subsidiaries on three continents around the world. With its takeover of GEALAN, the Group will be increasing its staff by 1,150 employees, and its total annual turnover will reach more than €1 billion ($1.4 billion).
"[This deal] means that we will soon benefit from the rich, comprehensive experience and expertise of both companies in the areas of extrusion, profile technology and market development," says Joe Peilert, president and CEO of VEKA Inc.