Belgium-based investment company GIMV has announced plans to invest euro20 million in a management buyout of German foil manufacturer Konrad Hornschuch, giving the Belgian company a 99% stake in the company. Hornschuch management owns one per cent of the company but it has the opportunity to buy a 10% stake, in total, from GIMV at a lower price than GIMV’s acquisition price, CFO of GIMV Marc Vercruysee says.
Also, the management will be given the opportunity to raise its stake further, but for an unspecified price. GIMV is buying the shares from Hornschuch’s US parent American Decora Industries.
Hornschuch produces and sells foils for the industrial and consumer markets. It also makes functional sheeting such as tablecloths. It employs 700 staff and its turnover for 2000 was euro93 million.