Hornschuch Group Sold to ContinentalMarch 6th, 2017 by Editor
Continental, a leading automotive industry manufacturer based in Germany, has purchased the Hornschuch Group, which makes films, foam laminates and other materials for industrial applications, including those used in the fenestration industry. Terms of the deal were not disclosed.
According to Reuters, sources familiar with the transaction said Hornschuch was likely to post earnings of 50 million euros this year, and the company could be sold at eight to nine times that figure, or about $456 million.
Hornschuch had sales of 410 million euros ($460 million) in 2015.
All antitrust authorities have approved the merger of the two companies. The Hornschuch Group will be integrated into Continental’s Benecke-Kaliko business unit. It’s the largest acquisition in Benecke-Kaliko’s almost 300-year history.
Since 2008, Hornschuch has been owned by Equistone, formerly Barclays Private Equity. The company employs 1,800 workers and operates four sites in Germany and the United States.