US company Wilsonart Engineered Surfaces is going to buy Technistone, a Czech producer of quartz surfaces, both companies have said in a press release. The value of the deal has not been disclosed. The transaction is yet to be approved by regulatory bodies and is expected to be completed in September.
According to server Forbes, the US group will pay about Kc1.7bn for Technistone. Last year, Technistone raised its sales from Kc860m to Kc1.055bn, while its net profit fell form Kc125m to Kc55m.
The company has invested Kc400m in new production lines and modernisation in recent years. Technistone products are made as a combination of natural raw materials and mixing and pressing technologies. They are used for kitchen worktops and tiles.
Technistone exports its products to 75 countries. Technistone launched its production in the late 1990s. In 2007 it generated a record of Kc759m in sales. After the arrival of the global economic crisis, the company ran into difficulties and was declared bankrupt in 2010.
Within the insolvency proceedings, Technistone adopted a reorganisation plan that it fulfilled in March 2011. It was then bought by Vaclav Novak and Zdenek Smejkal for "the lower tens of millions of crowns", according to Forbes.