Thule, the world leader in Sports Utility Transportation, announces
that the European Commission has extended its investigation period for
the acquisition of Pewag Schneeketten GmbH which was made public on
March 31 this year.
“The European Commission needs more time to investigate into the
consequences for customers and consumers in markets such as Italy,
Austria and France”, comments Anders Pettersson, CEO and President of
Thule AB. “The complexity of the market conditions makes this further
investigation necessary and we support this step. We estimate that the
final decision will be made in approximately four months”, concludes
Anders Pettersson.
Background
The Thule Group acquired in 2004 the Italian snow chain producer
König (net sales in 2005 of SEK 308 M) in line with its strategy of
growing the company in adjacent product categories that support the
Thule positioning as being world leader in Sports Utility
Transportation. Thule’s snow chain business has a focus on passenger
car chains. The Austrian Pewag Schneeketten GmbH (net sales in 2005 of
€ 48M) offers snow chains mainly for professional use and is part of
the family owned Pewag Group that also supplies chains for industrial
such as tire protection and lifting gears.
About Thule:
Thule is the world leader within Sports Utililty Transportation
delivering transportation solutions for active families and outdoor
enthusiasts wanting to transport their equipment by vehicles safely,
easily and in style. The product portfolio comprises load carriers for
cars such as rooftop boxes, roof rails and bike carriers. Additionally,
the company offers snow chains, trailers as well as accessories for
motor homes and caravans. Thule has 2,300 employees at over 20
production and sales locations on all major car markets in North
America, Europe, Africa and Asia. Sales in 2005 amounted to SEK 3.2
billion (approx € 340 M). Thule AB is based in Malmö, Sweden, and
majority owned by UK-based private equity firm Candover (www.candover.com) . More information is available at www.thule.com.