NEWS IN BRIEF...
Deceuninck has opened a new production plant in Donja Bistra, Croatia. The €7 million (US$7.6m), 17,000 sq m facility brings the company’s operations in the country – across three existing sites – into a single location. The facility has further potential capacity of 11 production lines, says the company. Deceuninck intends to include a solar panel installation on the production hall.
www.deceuninck.com
Venator Materials has reached a pre-packaged Chapter 11 agreement in the US with its lenders as part of a recapitalisation plan. The TiO2
and
speciality chemicals group says it has faced “signifi- cantly lower product demand and higher raw material and energy costs in the second half of 2022”. The process is expected to complete in July, with its businesses operating as normal in the meantime, the company says.
www.venatorcorp.com
Uponor accepts takeover bid from Georg Fischer…
The board of Finnish pipe manufacturer Uponor has recommended that its shareholders accept a takeover offer from Swiss manufacturing company Georg Fischer. Fischer, whose largest division is its pipe making business, has made an offer of €28.85 per share for Uponor – valuing the company at more than €2 billion (US$2.2bn). Uponor shareholders including Oras Invest and several pension funds – rep- resenting nearly 37% of the company’s ownership – have agreed to accept Fischer’s tender offer. The offer will run from 26 June to 1 September. Fischer says that the offer is 12% higher than that offered by Aliaxis earlier this year, when it signalled its intention to acquire Uponor. Aliaxis has now withdrawn its offer. The combination of
Georg Fischer is looking to create a €5.4bn company by acquiring Uponor
Fischer’s piping systems division with Uponor would create a business with combined sales of around €3.6 billion (US$3.9bn) – while Georg Fischer itself would become a €5.4 billion (US$5.9bn) company. “We have a great
opportunity to build a global leader in the water and flow solutions industry,” said Yves Serra, chair of the board of directors at Georg Fischer. “The two companies
have complementary products and geographical footprints.” Michael Rauterkus,
president and CEO of Uponor, added: “A combi- nation of Uponor and GF would help us accelerate our growth strategy and bring benefits to customers by offering even more competitive, innovative, and sustainable water solutions.” �
www.georgfischer.com �
www.uponorgroup.com
…as Aliaxis looks for other opportunities
Belgium-based pipemaker Aliaxis is to take over US-based pipes and fittings manufacturer Valencia Pipe Company. The deal, worth around US$250 million, will help Aliaxis expand in the Western US – adding two production facilities (in Arizona and Washington), plus a distribution centre. Valencia mainly produces plumbing solutions for the
6
residential market. “This acquisition will allow
us to provide our national customers with a coast-to- coast presence,” said Eric Olsen, CEO of Aliaxis. “Valencia’s two modern plants and distribution centre provide a comple- mentary geographic and product fit with IPEX – Aliax- is’s brand in North America.” The deal is subject to
regulatory approval, which PIPE & PROFILE EXTRUSION | July/August 2023
should be complete in the near future. n Aliaxis has ended its quest to buy pipes major Uponor. The company has withdrawn its offer of €25.75 per share for the company, following Georg Fischer’s competing offer of €28.85 per share. Since April 2023, Aliaxis has increased its shareholding in Uponor from 5% to 20%. �
www.aliaxis.com
Olsen: “Valencia acquisition helps us provide coast-to- coast service to US customers”
www.pipeandprofile.com
IMAGE: ALIAXIS IMAGE: GEORG FISCHER
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