Hug Engineering AG Acquires COdiNOx Beheer Group
Hug Engineering AG, a specialist in exhaust gas purification systems based in Elsau, Switzerland, has acquired an additional 80% of the ownership interests in COdiNOx Beheer B.V., a company headquartered in Enschede, Netherlands. It thus holds 90% of the interests in this entity. The other 10% interest remains with the former majority owner. The purchase agreements were signed at the end of February 2016.
Closing of the takeover deal is dependent, among other aspects, on the merger of four subsidiaries of COdiNOx Beheer B.V. into the parent company. The transaction is expected to be closed in April2016. The company will subsequently be renamed as Hug Engineering B.V.
COdiNOx Beheer B.V. has been a distribution and service partner to Hug Engineering for the past 20 years. It encompasses the subsidiaries SootTech B.V., SootTech Marine B.V., Hanwel Environment and Energy B.V., and COdiService B.V. Hanwel E&E holds the exclusive distribution rights to COdiNOx systems produced by Hug Engineering and used as flue gas scrubbers in greenhouses. SootTech B.V. distributes the full range of Hug systems for mobile applications. Hug Engineering has held a 10% interest in the aforementioned companies for the last ten years.
As Mark Fellmann, Managing Director of Hug Engineering AG, pointed out: "This acquisition is aimed at exploiting synergies and leveraging growth potential for Hug exhaust gas purification systems. Our intention is to further extend our solid, well-established business relationship and drive forward efforts to cultivate new markets."
COdiNOx Beheer B.V. currently employs 19 people, who will be taken on by the new subsidiary Hug Engineering B.V. The management structures in the Netherlands will remain unchanged.
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