11 March 1999: German company Pfleiderer AG has acquired a 78% stake in Hungarian sealants manufacturer Salgotarjan Glass Wool Ltd. from a Japanese consortium of companies headed by Nitto Boseki Co. L…
11 March 1999: German company Pfleiderer AG has acquired a 78% stake in Hungarian sealants manufacturer Salgotarjan Glass Wool Ltd. from a Japanese consortium of companies headed by Nitto Boseki Co. Ltd. and Tomen Corp. According to a recent report, the acquisition is expected to further strengthen Pfleiderer“s market position in Eastern Europe. The contract has been signed in Tokio and the transaction has been backdated to 1 January 1999. Salgotarjan Glass Wool achieved a turnover of ca DM 20 million in 1998 with about 200 employees. The company produces a complete range of glass wool insulating materials under the trade name Therwoolin and the facility operates with the latest technologies. Machinery and equipment operate with Japanese technologies and incorporate a high manufacturing know-how.