GERMANY – On July 7, Surteco SE, one of the world’s leading manufacturers of decorative surface materials and producer of plastic technical extrusions (profiles), reported the closing of the purchase contract relating to the acquisition of the Probos Group in Portugal.

This means that the profitable plastic edge bandings manufacturer can be consolidated from July 2017 and is now part of the Surteco Group. Surteco had communicated details of the transaction in an ad-hoc release issued on 24 June 2017.

The Probos Group headquartered in Porto, Portugal, has a workforce of approximately 470 employees primarily specialized in the production of PVC plastic edge bandings. In 2016, the Group generated sales amounting to € 66.5 million and EBITDA of € 11.0 million. Thanks to the production locations of Probos in Brazil and Portugal, and other sales and processing locations, Surteco will significantly strengthen its regional presence particularly in the strategically important markets of South and Central America. In future, Surteco will also have greater opportunities to market its own products in these regions. As already notified, the purchase price of € 99 million will be financed entirely through borrowings and the company will benefit from the current favorable environment for interest rates.