In April 2003, the Netzsch Group and Colfax Corp. announced plans to join forces, with Colfax intending to acquire the Netzsch Group. While the Federal Cartel Office had approved the merger, the acquisition has been called off by Colfax, which stated that it could not meet the parameters of the acquisition finance facility. "We find it unfortunate, since we saw attractive synergies in a merger of the Netzsch and Colfax groups," said Thomas Netzsch, managing shareholder of the Netzsch Group. "However, the Netzsch Group will continue to independently pursue its successful path. The amount of orders on hand at the beginning of the current business year starting July 1 is 10% higher than in the previous year. We will achieve our strategic goals in all areas on our own strength. We have numerous projects which will continue to develop and strengthen our market position."