Soudal acquires TKK, market leader in South East Europe

Biggest acquisition ever for Soudal

TKK is located in Srpenica in the Republic of Slovenia, employs over 200 co-workers and is expected to reach a turnover of some €50 Mio in 2013.

TKK was founded in 1947 and has a very strong position in the Balkan area where the company is market leader and the brand TKK is very well established with a good reputation. TKK also has a very successful track record in worldwide export as more than 90% of its turnover is realized outside of Slovenia. This was reflected in an impressive growth of the business over the last years. The production unit in Srpenica employs 110 people and is dedicated to the production of the majority of the TKK portfolio. Soudal clearly expressed its intention to invest in the further development of the plant.

 

 

TKK will operate as an independent subsidiary of Soudal and the actual management will stay in place.

Roman Jeras, CEO of TKK: "By joining the Soudal Group, we have tremendous opportunities to grow the TKK business to a higher level."

For Soudal, the acquisition of TKK is the largest takeover in the history of the company. It adds more than 10% extra turnover bringing the consolidated total over the €500 Mio threshold. This underlines the firm ambition of Soudal to become one of the leading world players in its business. The TKK plant of Srpenica becomes the 12th production plant of Soudal worldwide.

The acquisition will strengthen Soudal's position in the Balkan area and also adds extra product ranges to the Soudal portfolio. Strong synergies in R&D, procurement, production, IT and marketing will enable the group to develop new growth opportunities.

Vic Swerts, founder and chairman of SOUDAL: "The acquisition of TKK is a major step for Soudal to complete the coverage of Europe with the Balkan area. It furthermore adds expertise that will enable us to grow into new market segments."

TKK Srpenica started producing mastic in 1958, using the local chalk as a refill. In 1992 it started the production of polyurethane foam to become one of the leading producers of PU foam in the world by 2007. In total, TKK realizes a turnover of 45 million euros of which almost 90% is export based. In Central Europe, which is TKK's home base, its general market share is estimated at 15 to 20%. A significantly higher market share is noted in the countries of former Yugoslavia where about half of the Slovenian and Bosnian-Herzegovinian market is controlled by TKK while in Serbia and Croatia it serves 20 to 30 percent of the market.