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 user 2010-04-26 at 10:14:59 am Views: 31
  • #23425
    April 2010 – Kuala Lumpur, MalaysiaPelikan’s acquisition of German stationery and OP manufacturer Herlitz was closed at the end of last week.The transfer to Pelikan of the 66 percent stake in Herlitz owned by private equity firm Advent was completed as expected.Pelikan had also announced a voluntary general offer (VGO) for the remaining 34 percent of outstanding shares, which closed on 6 April. However, less than 3.5 percent of the shares were tendered, meaning that Pelikan now controls just under 70 percent of Herlitz.The low uptake for the VGO did not come as a surprise to Pelikan.

    A company spokesperson told that the VGO acceptance level was within expectations based on previous experience. He also added that Pelikan had no intention of making a new offer for the outstanding shares at the moment.Going forward, Pelikan said that both companies are set to capitalise on each other’s distribution networks, building on their complementary geographical strengths and main product groups.In terms of logistics, Pelikan has already closed one of its logistics centres inGermany and started to distribute certain products out of the Herlitz Falkensee facility which was also part of the acquisition deal.

    Full integration is expected to be completed by the second half of the year, as the lease for Pelikan’s logistics facility in Anderten, Germany, expires in June 2010.“The completion of the Herlitz acquisition marks another important milestone for the Pelikan Group’s overall growth strategy as we strive to expand our business globally and serve our markets and customers with a wider and more comprehensive range of products,” said Loo Hooi Keat, Pelikan’s President and CEO.“We see great opportunities for further growth by leveraging our respective strengths and assets in innovation, quality and distribution in the years ahead.”

    Jan von Schuckmann, Herlitz CEO commented: “A strong player in the European stationery and office products market has been created by this deal. We are extremely pleased to have taken this crucial step. Collaborating with Pelikan will most certainly open up new business opportunities and provide potential for international growth.”