Nordic Business Report-October 31, 2006-Sweden's Trelleborg AB completes acquisition of US materials producer Reeves Brothers Inc
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Swedish industrial group Trelleborg AB said on Tuesday (31 October) that it has completed its acquisition of US based polymer-coated high-precision materials producer Reeves Brothers Inc.
Trelleborg acquired Reeves Brothers, including its two production units in the US and one in Italy and one in China, for approximately SEK1.3bn in cash.
The deal was initially announced on 25 September.
Reeves Brothers, headquartered in Spartanburg, South Carolina, has 1,000 employees and annual sales of approximately SEK1.4bn. The company develops and produces polymer-coated materials for use in rubber, silicon and polyurethane.
The acquired operations will be integrated into Trelleborg Engineered Systems.
"The acquisition provides Trelleborg with a world-leading position in polymer-coated fabrics and thereby strengthens what was already a market-leading position in the European market," Trelleborg said.
Trelleborg Group is headquartered in Trelleborg in Sweden. The group has 22,000 employees in 40 countries, and has annual sales of SEK24bn. Trelleborg is listed on the Nordic Exchange in Stockholm.
One British pound (GBP) is worth approximately 13.70 Swedish kronor (SEK).
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