Buy-Out Central Europe exits Austria Email

The sale price for the 50.1% stake is thought to be around €19m.

Following the transaction the buyer will increase its shareholding in Austria Email from 40% to 90%. The remaining shares are in free float.

The firm is looking to strengthen its market position by investing €2m in the development of laboratories and product training.

The transaction is subject to approval by regulators.

Company
Austria Email, based in Knittelfeld, Styria, provides warm water storage products based on solar and electric technologies and high quality special accumulators.

Founded in 1855, Austria Email is listed on the Vienna stock exchange. Currently the company employs about 355 people. The business expects to increase its turnover for 2011 by 8% compared to the previous year to €60m.

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