EU – Baltic States, Latvia, Legislation, Markets and Companies, Mergers and take-overs

With this purchase, Soudal has added a new technology to its already impressive product portfolio, the company informs. Tenachem has 73 employees and currently exporting 95 percent of its products in around forty countries worldwide.

Soudal has not revealed the cost of the acquisition.

According to Soudal, Tenachem was established twenty years ago, and since then has expanded to become one of the leading Eastern European manufacturers of sealants for the glass industry. Tenachem supplies its products to a number of large, international glass processing firms.

Soudal indicates that Tenachem will continue to operate under its current name as a subsidiary of the Soudal Group. The current management team will remain at the helm.

The takeover will have no effect on employment in Tenachem, nor in any of the Soudal Group's other production facilities, Soudal said.

For Soudal, this acquisition marks a further expansion of its technical expertise in a market segment in which its activities had, until now, been limited. Tenachem will be an important knowledge and production center to support the growth that the Soudal Group wishes to achieve over the next few years in this segment of the construction industry.

With this investment, Soudal has increased its expertise in the technical sealants market, allowing it to offer a broader range of products to its customers. With 44 branches and sales in 120 countries across the world, Soudal offers the perfect springboard for marketing Tenachem products globally.

In its 2014 annual report, Soudal recently announced growth in revenue of 15.4 percent to EUR 565 million. With the addition of the Tenachem production facility, Soudal now has fourteen factories across the world with around 2,300 employees.

Tenachem was established in 2008 as a subsidiary of the company Tenach, forming, together with the company Tenapors, the Tenax Group.

Tenachem turnover in 2013 was EUR 19.5 million, and profit – EUR 1.064 million. Nikolajs Kurma is the sole owner of Tenax.