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International technology group Andritz signed an agreement to buy the Filtration Business Unit of international Netzsch Group, based in Germany.
The parties have agreed not to disclose the purchase price and the acquisition is subject to the approval by antitrust authorities. The transaction is scheduled to close in July 2004.
"The acquisition of the Netzsch Filtration Business Unit will complement our product and technology know-how in the Environment and Process Business Area. It will enable us to participate in the globally growing market for dewatering systems," said Andritz CEO Dr. Wolfgang Leitner.
"The Andritz Group is a good environment for the future development of the Netzsch Filtration Business Unit and its employees", added Dr. Otto Max Schaefer, managing director of the Erich Netzsch Holding. "The sale of the Filtration Business Unit in the course of our ongoing profit improvement program will allow us to focus our resources on the Business Units "Analyzing & Testing", "Grinding & Dispersing", and "Pumps".