Interpump buys its neighbor Galtech, a Reggio Emilia company active in the production and marketing of gear pumps and motors, distributors and hydraulic accessories and components in general. This is what the Sant'Ilario d'Enza group announces in a note, underlining that, at the moment, "a framework agreement has been signed", while the closing of the transaction is expected by the end of the year. The agreement contemplates the purchase of 53% of the share capital for the total price of 3,3 million euro, to be paid half in cash and half with Interpump Group treasury shares. “Sellers have the right to sell an additional 47% from the date of approval of the 2014 financial statements until the date of approval of the 2025 financial statements”.
With this step, Interpump Hydraulics (100% controlled by the Interpump Group) adds an important piece in the hydraulic sector, where it is the world leader in power take-offs for industrial vehicles and consolidates its position on the market by expanding – underlines the note – its range of products with those, "highly synergistic" of the new
acquisition.
Galtech, founded in 55, experienced a great development between 2004 and 2008, going from 11 million in turnover to 19,1 million, with an Ebitda of 2,1 million euros and an export quota of more than 70% . In recent years, however, the world crisis has had a heavy impact on volumes, bringing 2010 turnover back to 13,1 million euros and Ebitda to 0,5 million euros.
In the last six months, however, things have gone much better: "As of June 30, 2011 Galtech - reads the press release - recorded a significant growth in sales equal to about 30%". At 31 December 2010 the company had a net financial debt of 1,4 million euros.
Interpump Group, listed in the Star segment of the Milan Stock Exchange, is a world leader in the sector of high and very high pressure pumps and in that of power take-offs and related hydraulic components. In 2010 it achieved a turnover of 424,9 million euros and an EBITDA (gross operating margin) of 74,1 million euros.
