U.S. Lapp Insulators Buys Romanian Unit of Germany's Argillon for Undisclosed Price

Lapp Insulators also bought Argillon's units in Germany and Poland.

The acquisition strengthens Lapp's global original equipment manufacturer business and positions Lapp as the technology leader in Europe, Lapp Insulators said in a statement.

Argillon's Romania unit is based in Turda in the northwestern county of Cluj and employees 600. The factory produces porcelain insulators for high voltage equipment and power lines.

On Thursday, Bucharest-based daily Ziarul Financiar quoted Argillon Romania director general Sorin Nutiu as saying that the acquisition of the factory will not affect the company's performance this year and will not lead to layoffs. 

Argillon Romania planned a 14 million euro ($17.7 million) turnover for this year, Ziarul Financiar reported.

($= 0.7898 euro)