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International Internet Magazine. Baltic States news & analytics Tuesday, 26.05.2020, 09:42

Estonia's Krimelte buys remaining shares in Spanish chemical company Olive Quimica

BC, Tallinn, 03.05.2019.Print version
Krimelte, an Estonian capital based building materials producer and a company of Wolf Group, has acquired all shares in the Spanish developer and producer of adhesives and sealants Olive Quimica S.A., in which it previously held 75%, reported LETA/BNS.

Krimelte acquired a 75%  holding in the Spanish company in 2014, with Wolf Group chairman of the management board Jaan Puusaag at the time describing the step as strategic, which will further strengthen and diversify the product portfolio of Wolf Group and also expand its export geography.

Puusaag said that expanding its ownership of the Spanish subsidiary to 100% was a strategic step for Krimelte to acquire a stronger position both on the markets of Olive Quimica, which are Spain, Portugal, France and the UK, as well on export markets in over 50 countries.

Olive Group employs a workforce of more than 100 and its consolidated sales last year amounted to almost 22.5 mln euros.

Wolf Group brings together the sales and production units of Krimelte in Estonia and abroad. The production entities of Wolf Group are located in Estonia, Spain and Russia. Its sales units are situated in the Baltic states, Russia, Ukraine, Romania, Spain, France, Portugal and the United Kingdom.

Krimelte's owners are Jaan Puusaag with a holding of 24.29% and Jaanus Paevali, Vsevolod Zorin and Aleksandr Kalinin with equal stakes of 25%.

In 2017, Krimelte made a net profit of 439,500 euros on sales of 71.4 miln euros. Its net profit declined 78.6% year on year but sales grew 24.5%.

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