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Germany: Top woodworking maker secures buyout

 |  July 20, 2014

The world’s largest woodworking machinery maker Homag Group is set to be acquired by smaller German industry peer Durr Technologies, according to reports.

Homag’s assets include subsidiary Stiles Machinery, based in the US. Durr is set to acquire Homag and those smaller units to increase its stake to 53.7 percent, a deal that includes a 75.8 percent share of voting rights. Those acquisitions, reports say, allow Durr to launch a voluntary acquisition of Homag to fully acquire the company.

Durr specializes in paint, cleaning systems and other industry technologies. In a statement the company said it has already secured clearance by key Homag shareholders to proceed with the deal

Financial details of the deal were not reported. The takeover remains subject to regulatory scrutiny.

Full content: Woodworking Network

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