CGS buys Savatech
On 25 October Czech rubber company CGS Holding a.s. announced that it has acquired the rubber manufacturing division Savatech, d.o.o., and related assets from Sava, d.o.o., which is based in Slovenia. Savatech makes motorcycle tyres, rubber compounds and components for home appliances and the automotive industry, among others. According to the company, Savatech has eight sales subsidiaries, and in 2011 it had consolidated revenues of 123.2 million euros. CGS’s consolidated sales were 537.1 million euros in 2011. No details of how much was paid were released in the sale announcement.
“CGS welcomes Savatech’s management and all employees in the group,” said Oldrich Slemr, a co-owner of CGS, which has 6,000 employees. “CGS will retain all Savatech’s 964 employees. This acquisition complements CGS’s strategy to strengthen its technical rubber product division. In addition, Savatech has an impressive 45-member research and development team. This team, together with Rubena’s researchers, promises many new products in the pipeline,” Slemr added. Rubena is a CGS holding member company.