Pergo and Witex conclude stock acquisition agreement is not financial feasible
Pergo announced on January 28, 2003 that an agreement
had been signed whereby Pergo would acquire the remaining shares in Witex AG from HW Industries GmbH & Co KG. In April, the transaction was postponed, since the financing for the new group had not yet been secured in a manner acceptable to the parties.
The parties have jointly concluded that it is not possible to obtain satisfactory financing for the new group. The decision has been taken in the
light of Witex's weakened financial development in the spring.