June 9 (SeeNews) - Austrian building materials manufacturer Wienerberger said on Thursday it has signed a deal to acquire Croatian piping solutions provider Vargon for an undisclosed sum.
“Through the acquisition of Vargon, Wienerberger strengthens the market position of its piping solutions business unit in southeastern Europe,” the Austrian company said in a press release.
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Vargon is a leading provider of in-house solutions for water applications and water discharge systems in Croatia.
The closing of the transaction will take place in 2022, subject to necessary antitrust approvals and the fulfillment of other conditions precedent typical for such transactions, Wienerberger said.
Operating from its production site near the northern Croatian Adriatic port of Rijeka, the family business generated revenues of 24.4 million euro ($26 million) in 2021.
Goran Brasnic, CEO and main shareholder, will retain a 20% stake in Vargon.
The Wienerberger group operates 215 production sites in 28 countries and is the world’s largest producer of bricks and the market leader in clay roof tiles in Europe as well as concrete pavers in central and eastern Europe and pipe systems in Europe.
($= 0.933 euro)