MOSCOW (MRC) -- Belgian PVC window frames maker Deceuninck plans to raise EUR50 million (USD66 million) in a private placement of new shares to fund the purchase of Pimas in Turkey and future acquisitions, as per Reuters.
Deceuninck said on Tuesday it would issue 26.3 million shares at EUR1.90 euros apiece and that these were already allocated to investors Gramo and Sofina, which would respectively own 21.01% and 17.5% of the group after the transaction.
On Monday, the group said it would buy an 81% stake in Turkish company Pimas for USD26.5 million.
"The balance will enable Deceuninck to undertake further strategic projects and investments in a consolidating industry," Deceuninck said in a statement.
As MRC informed previously, in early 2014, Deceuninck North America, a leading designer and manufacturer of high-quality systems for windows, doors, and outdoor living, added three PVC lineal lamination lines to its existing lamination capabilities to meet consumer demand for a wider variety of color customization options.
Deceuninck NV is a Belgian designer and producer of PVC systems for windows and doors, interior, roofline & cladding and terraces. The company extrudes PVC and the single base material Twinson. Founded in 1937, with its headquarters in Hooglede-Gits, the Deceuninck Group operates in more than 75 countries and has 35 subsidiaries across Europe, North America and Asia, including the United States, United Kingdom, Russia and Turkey.
MRC