29 June 2009, Almelo - Royal Ten Cate (TenCate) and Noel P
Hunt International Limited have reached agreement on the takeover of the
TenCate 50% interest in the joint venture Geofabrics Australasia Pty Ltd of
Cheltenham (Australia). The takeover price of the shares amounts to AUD 40
million (approximately € 23 million). The book profit on the sale of the 50%
interest amounts to approximately € 11 million and will be incorporated in the
half-year figures of TenCate.
The 50% shareholding of TenCate was acquired in 2005 through
the takeover of the Austrian company Polyfelt. Noel P Hunt International
Limited was already a joint shareholder in Geofabrics Australasia. Given the
strong worldwide market position and the integration of Polyfelt into the
geosynthetics activities of TenCate, the equity participation in Geofabrics
Australasia, without majority control, is not seen by TenCate as strategic.
Good agreements have been reached with the company concerning the continuation
of commercial cooperation.
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