PELIKAN COMPLETES HERLITZ ACQUISITION

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PELIKAN COMPLETES HERLITZ ACQUISITION

 user 2010-04-26 at 10:15:39 am Views: 54
  • #23461
    http://www.opi.net/e_news/april_2010_news/pelikan_completes_herlitz_acquisition
    PELIKAN COMPLETES HERLITZ ACQUISITION

    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 opi.net 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.”