Tarkett has made a $165 million share purchase offer to acquire in full its subsidiary Sintelon AD, listed on the Belgrade Stock Exchange. Since 2002, Sintelton, based in Backa Palanka, Serbia, has been the holding company for Tarkett’s activities in Eastern Europe with subsidiary companies in Serbia, Russia and Ukraine.
which currently holds 64.3% of Sintelon shares, aims to reach 100 percent
ownership of Sintelon. The transaction will be financed through existing lines
of credit, according to the company.
acquisition reaffirms Tarkett’s leading position in the global flooring market
and the Eastern European market. The region offers strong growth potential
through future renovation of its large private housing stock,” said Michel
Gianuzzi, CEO of the Tarkett Group.
Tarkett puts up $165 mil to buy subsidiary
June 3, 2009