Nora Rubber Manufacturer Gets New Owners
The business, which generated sales of 160 million euros in 2006, was purchased by Capiton, as majority shareholder, and L-Eigenkapitalagentur (L-EA), from Freudenberg & Co., based in Weinheim, Germany. North American operations are headquartered in Lawrence, Massachusetts. The Nora German management board will also hold shares in the company.
"Because of its focus on other markets, such as automotive and household products, Freudenberg had been looking for the right buyer for the Building Systems business and the Nora brand," noted Dennis Schmick, Nora president - North America.
"We're enthused about the purchase by Capiton and L-EA because of their long-term orientation and growth strategy. North America is one of the global markets in which Nora Rubber Flooring has emerged as a strong competitor in the commercial resilient flooring segment, and where the Nora brand has become known for both its inspired design possibilities and exceptional performance."
The current organizational structure of Freudenberg Building Systems will remain in place and the new owners have signed a 10-year rental agreement for production and administration facilities.
"We see the acquisition of the Building Systems business and the Nora brand as an excellent platform for further growth," commented Manuel Hertweck, partner of capiton AG.
"We envision significant expansion of the company's position as a premium supplier of rubber floor coverings in both existing and new markets. We will be supporting the investments planned by the management team and will be investigating whether individual measures to expand capacity could be accelerated. In a second phase, we see the chance to generate further growth for nora(R) by acquisitions under a buy and build strategy."
All personnel, including field sales representatives for Nora, remain the same, the company said.
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