Wienerberger AG has completed its takeover of the Petrinja clay block plant with the acquisition of the remaining 75% stake as of December 1, 2008. Along with the 25% investment that was purchased seven months ago, this location 50 km south of Zagreb is now owned entirely by the Wienerberger Group. The plant generated revenues of approximately €7.5 million (about $9.5 million) in 2007. The parties have agreed not to reveal any information on the price for this transaction.
“The market environment in Croatia is becoming more difficult in the wake of the international financial crisis,” said Johann Windisch, the member of the Wienerberger managing board who has responsibility for Central-East Europe and North America. “However, brick products are the dominating building material for walls in this country, with a share of more than 85%, and the local residential construction market has shown sound development in recent years. We expect this trend will continue over the mid-term, above all as a result of Croatia's upcoming accession to the EU. In addition, we are now successfully exporting our products to the neighboring Bosnia-Herzegovina from Croatia. We are therefore optimistic that the 100% integration of Petrinja into our Croatian company will allow us to realize positive synergies.”
Wienerberger’s website is located at www.wienerberger.com