Tarkett has made a $165 million share purchase offer to acquire in full its subsidiary Sintelon AD, listed on the Belgrade Stock Exchange. Since 2002, Sintelton, based in Backa Palanka, Serbia, has been the holding company for Tarkett’s activities in Eastern Europe with subsidiary companies in Serbia, Russia and Ukraine.
Tarkett, which currently holds 64.3% of Sintelon shares, aims to reach 100 percent ownership of Sintelon. The transaction will be financed through existing lines of credit, according to the company.
“This acquisition reaffirms Tarkett’s leading position in the global flooring market and the Eastern European market. The region offers strong growth potential through future renovation of its large private housing stock,” said Michel Gianuzzi, CEO of the Tarkett Group.
Tarkett puts up $165 mil to buy subsidiary
June 2, 2009