HLE Glascoat to acquire the global business of Thaletec GmbH
Technology

HLE Glascoat to acquire the global business of Thaletec GmbH

The acquisition is expected to close by the end of 2021.

  • By ICN Group | September 18, 2021

HLE Glascoat, the leading manufacturer of process equipment for the chemical and pharmaceutical industries, announced the signing of definitive agreements to acquire the global business of Thaletec GmbH, Germany as well as its subsidiary Thaletec USA, as a part of its strategy to strengthen its position further in the global markets with innovative technology. As a part of the deal, both companies have mutually agreed that Thaletec will continue to have its distinct brand identity and remain a separate business entity post the acquisition.

The current promoters have agreed to divest their entire stake in Thaletec in an all cash transaction to HLE Glascoat. The acquisition will see the transfer of business, key technology and rich global experience garnered by Thaletec over the last two decades.

Pursuant to the acquisition, Thaletec will become a wholly owned subsidiary of HLE Glascoat with the entire business of Thaletec being consolidated into the company.

Since both HLE Glascoat and Thaletec are engaged in similar and synergistic lines of business and operations, incremental improvements in the operations of the two companies are expected. The acquisition will enhance efficiencies and combine the similar business interests for both the entities, resulting in operational synergies, streamlining and optimization of the businesses.

The acquisition is in line with the company strategy to expand its footprint globally and reinforces its position as a market leader in manufacturing innovative and specialized process equipment, customized solutions and systems.

Speaking about the acquisition, Himanshu Patel, Chairman and MD, HLE Glascoat said, "We are thrilled to announce this very significant development which meets all the criteria set out by our Group in terms of profitability and growth potential. While this transaction creates excellent value for our shareholders and allows us to accelerate our expansion plans, Thaletec also shares our existing vision, values, and strategic thinking. It is a historic moment for us looking at the immense possibilities that lie ahead for both brands to serve our customers with innovative and world class products as per their fast-evolving tastes and requirements."

Dr. Reinemuth, MD of Thaletec, stated "Thaletec has established itself in the European, Asian and North American markets as a reputed and experienced customized glass lined equipment manufacturer and has built a solid foundation for the next phase of its growth. The unification of Thaletec and HLE Glascoat is very exciting news for our customers and employees. We, at Thaletec, strongly believe that the two organizations will benefit from complementary business philosophies, culture, resources and technology. We look forward to supporting HLE in their endeavor to take Thaletec to the next level and wish them success."

"Our organization's strength and success come from its dedicated employees, strong customer relations and its mission to ensure high quality service to its customers." said Bergmann, MD of Thaletec. "We believe that this transaction presents an excellent succession plan, allowing leadership to transition from myself to HLE Glascoat, known for their deep industry knowledge and a passion for engineering excellence."

Subject to the satisfaction of certain closing conditions and regulatory approvals, the acquisition is expected to close by the end of 2021.

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