Skellerup to buy Italy's Tumedei for €10.6 million

Christchurch, New Zealand - Skellerup Holdings Limited has entered into an agreement to purchase Tumedei SpA, an Italian manufacturer of custom-designed technical rubber products for the automotive, petrochemical, gas, water and irrigation markets. The purchase of Tumedei, for NZ$19.6 million (€10.6 million), brings revenues of close to $15 million and earnings before interest, taxation, depreciation and amortisation (EBITDA) of between $3.5 million and $4 million.

Skellerup chairman Keith Smith said the purchase would add further reach and depth to Skellerup's existing technical rubber businesses led by Gulf Rubber, which had maintained a strong level of performance since acquisition in 2006.

"Tumedei has proven technical capabilities and products that will fit well into our business, and enhance our strategy of expanding our technical rubber capabilities and markets," Smith said. "It has built strong domestic and export businesses from its base in Bologna, Italy. Approximately 30 percent of its sales are from export - to other parts of Europe, North and South America, the Middle East and India."

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Skellerup

Skellerup considering new shares after big spend-up NZ Herald (new Zealand)

Headline Source (country)