euro adhoc: GESCO AG
GESCO acquires fast-growing sticks specialist
(E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Wuppertal, 30.04.2004 - Prime Standard-listed holding company GESCO AG has acquired a 100 per cent shareholding in the Setter Group, comprising Setter GmbH & Co. and its wholly-owned subsidiary, Q-Plast GmbH & Co., both headquartered in Emmerich, North Rhineland. The Group, which has around 70 employees, achieves annual sales totalling in excess of EUR 10 million.
The Setter Group was established in 1963 and uses sophisticated technology to produce plastic and paper sticks. It supplies major confectionery and healthcare companies all over the world using the sticks in products like lollies and cotton wool buds. The Group produces a total of approx. 17 billion sticks per year.
Setter regards itself as a leader in quality and with a global market share of more than 25 per cent, it is the second biggest supplier in this niche market. Products are marketed internationally, with exports accounting for around 85 per cent.
Robert Prager (55), who was the sole proprietor up to now, will continue to be available to the company in his capacity as Managing Director until at least 2009. The sale to GESCO resolves the question of the succession, secures the continued existence of the Group and sets the course for future expansion.
GESCO believes that Setter is well on course to future growth, in particular, in the emerging markets of Eastern Europe and Asia. As far as the GESCO Group is concerned, this acquisition represents a further diversification of the customer sectors, which is a major contribution to spreading the risk.
end of announcement euro adhoc 30.04.2004
Further inquiry note:
Oliver Vollbrecht
Leiter Investor Relations
T.: +49(0)202 24820 18
info@gesco.de
Branche: Economy, Business & Finance
ISIN: DE0005875900
WKN: 587590
Index: CDAX, Classic All Share, Prime All Share, Prime Standard
Börsen: Börse Düsseldorf / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade