ACQUISITION: Nedschroef Acquires Gloerfeld, Sets Up China Division

John Wolz

Dutch fastener maker Nedschroef will take over fastening firm Gloerfeld of Germany. Financial terms were not disclosed.
Gloerfeld”s accounts and its 50 workers will be transferred to Nedschroef”s German subsidiary Nedschroef Plettenberg.
Nedschroef expects the acquisition to add Euro 6.5 million (US$7.6 million) to its revenues. However, the company said the transaction is unlikely to boost profit in 2006.
In 2004 Gloerfeld reported revenue of Euro 8.9 million.
In other news, Nedschroef announced it set up a subsidiary, Nedschroef Fasteners Trading, in the eastern Chinese province of Zheijang. The division is expected to contribute to Nedschroef”s turnover in 2007. \ �2006 FastenerNews.com