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IPTE signs letter of intent to acquire Platzgummer

IPTE announces that it has signed a letter of intent with the shareholders of Platzgummer GmbH, an automation company, to acquire 80 % of the shares   with effect from 1 January 2008 and the remaining 20 % in 2010.
Platzgummer GmbH specializes in developing and producing customized automation solutions. The company is located at Karlsfeld, close to Munich (Germany).  Platzgummer's customers are German and international suppliers to the automobile, metal and packaging industries.
The company is owned by four persons, two of whom (Mr Platzgummer and Mr Wieland) are active as managing directors of the company. Both will remain in the company management. The company had stable sales between 8 and 10 million EUR with some 45 direct and hired employees. The company shows a net after tax profit for between 4 and 5 percent during these years.

Mr Baren: “We are delighted that Platzgummer will be part of the IPTE group. The company has an outstanding reputation and a strong team of mechanical developers. In the past we have seen just how difficult it is to attract competent mechanical developers. The acquisition of Platzgummer gives us a strong mechanical department which is complementary to our present one. The fact that Messrs Platzgummer and Wieland have agreed to stay on as managers ensures continuity, both internally and towards customers.

Mr Platzgummer: “Joining the IPTE group is a challenge to strengthen our market position. As an independent company it was not always easy to convert our knowledge and skills into projects for larger customer groups. As a part of the IPTE group we believe we have a firmer footing and can grow faster.”

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