Wienerberger Acquires Remaining Stake in Pipelife
Wienerberger AG recently announced it is acquiring the remaining 50% stake in Pipelife, a leading producer of plastic pipe systems in Europe, from the joint venture partner Solvay for €162 million (~ $211 million), thus raising its investment in the company to 100%. The transaction is subject to the approval of authorities.
The transaction will reportedly increase Wienerberger’s revenues by approximately €800 million (~ $1 billion), or roughly one-third. In addition, the full takeover is expected to reduce Wienerberger’s dependency on cyclical new residential construction from nearly 70% to 60% of revenues, and will open sustainable opportunities for growth in new areas of business and markets.
“This takeover not only demonstrates our sustainable growth strategy, but also represents a direct value-creating investment,” said Heimo Scheuch, CEO of Wienerberger.
For more information, visit www.wienerberger.com.