ERJ staff report (LMH)
Prague - Czech rubber company CGS Holding a.s. 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. Savatech has eight sales subsidiaries, and in 2011 it had consolidated revenues of Euro 123.2 million, CGS said in a 25 Oct news release. CGS's consolidated sales were Euro 537.1 million in 2011.
â€œCGS welcomes Savatech's management and all employees in the group,â€ said Oldrich Slemr, a co-owner of CGS, which has 6000 employees. â€œCGS will retain all Savatech's 964 employees. This acquisition complements CGS's strategy to strengthen its technical rubber product division. In addition, Savatech has a 45-member research and development team. This team, together with Rubena's researchers, promises many new products in the pipeline,â€ Slemr added. Rubena is a CGS holding member company.
CGS Holding a.s. is a company with a comprehensive rubber production and is based in the Czech Republic. CGS is a progressive company with a transparent holding structure and follows ethical standards, including responsible social and sustainable environmental corporate policies.
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News release from CGS