Following its acquisition of a “significant interest” in the Cobra Group/Depreux in the second half of 2015, Rema Tip Top has now increased its stake in the French conveyor belt manufacturer to 100 per cent. Financial details of the transaction have not been disclosed.
“We are the global number one in the tyre repair and surface protection areas of our business divisions. Now, we are focussing on stabilising our position among the top three in the field of conveyor technology,” comments Rema Tip Top chief executive officer Thorsten Wach. “We are ahead in the conveyor technology sub-area wear protection. The complete takeover of the Cobra Group now further increases our capacities in the area of conveyor belts.”
Rema Tip Top states it will invest to expand Cobra’s production capacities and to modernise and extend its distribution network. Investments will also be made in opening up “additional cross-industry perspectives” for the company in Europe, in the USA, China and Asia-Pacific. Headquartered in Luxeuil-les-Bains, the Cobra group operates production sites in France, Poland and China. In the past fiscal year, the company generated sales of approximately US$100 million.
Cobra will continue to act independently in the market, Rema Tip Top adds. “We make use of synergies by pooling purchasing volumes or central functions like quality management or IT,” Wach explains. “Apart from that, Cobra remains autonomous. We want to preserve its entrepreneurial agility and provide the company with the necessary independence.”
Category: Company News