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Sioen acquires protective textile firm Ursuit
Sioen industries, developers of products used in spinning, weaving, and coating of technical textiles, and manufacturer of professional protective clothing and producer of fine chemicals, has announced the acquisition of the Ursuit group of companies, a Finnish manufacturer of dry suits for diving, fishing, and professional use in an extreme environment.
Sioen Industries NV and Ursuit have reached an agreement for the acquisition of 100 per cent of the shares of this group of companies.
Ville Rantala, the current owner and driving force behind the success of Ursuit, is enthusiastic about joining forces with Sioen Industries as this opens a lot of new opportunities for the whole team. Ville Rantala will continue to manage and develop the business as a member of the Sioen Industries group.
The agreement offers Sioen the opportunity to enter the Scandinavian market with a professional and experienced team to promote the Sioen portfolio of products.
Ursuit group of companies forecasts for 2016 an EBITDA of approximately €2.6 million. The company’s business plan shows a double digit growth rate for the coming years. This transaction has a value of around €22.4 million. In addition to this, Sioen has acquired real estate for a total value of €3 million.
The Sioen Group manages the complete industrial chain, from yarn to finished product. This helps the company to respond quickly to customer needs, making it less dependent from external suppliers.(GK)