Wavin been busy with their announcements this week. First the company released a statement confirming an acquisition and secondly, that the company will hold an extraordinary general meeting (egm) next month.
The first refers to an agreement with the Sabanci Group to acquire Pilsa Plastic, a prominent Turkish manufacturer of plastic pipes and fittings. The purchase price for this acquisition is around $82 million say the company and will be funded from existing credit facilities. Wavin have said that they are currently in discussions with potential partnership candidates that may take a minority stake in the transaction.
The egm, tables for December 11 at the Rosarium, Amsterdam, has been called to vote on the discharge of Mr. J.R. Voute as member of the Supervisory Board and the appointment of two new members, Mrs. B. Stymne Goransson and Mr. R.A. Ruijter. Details of the company’s long term incentive plan will also be discussed.