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[January 2004]
Laeis Bucher Deal is Completed
Bucher Industries and Sacmi Cooperativa Meccanici Imola have signed an agreement to sell 100% of the ownership interest in Laeis Bucher Technology GmbH to Sacmi Group. Sacmi commented that it had a leading position in the ceramic industry and was the ideal strategic partner to further expand the business.
Under the new ownership, the company's name will be Laeis GmbH. The acquisition does not include LB Produktion GmbH, the production business of the former Laeis Bucher GmbH.
Back in July 2003, Bucher and Sacmi announced their plans for the transaction. The sale has just now taken place with retroactive economic effect as of 1 January 2004. The transaction is not subject to approval of merger control authorities. The new owner will continue all employment relationships of Laeis Bucher Technology GmbH. Karl Eping will go on managing the operations of Laeis GmbH. The purchase price has not been disclosed.
Sacmi said that the acquisition would result in a strengthening of the group's position in the production of machinery and know-how in the field of tiles, refractories and technical ceramics. Regarding sales and production technology, Sacmi and Laeis will operate independently in the market.
LB Produktion GmbH is not affected by the transaction and will continue to supply its manufacturing and assembly services under a supplier agreement to Laeis GmbH and third parties in different fields. Bucher Industries is looking into various forms of cooperation with partners for LB Produktion GmbH.
ENDS