The competition authorities have approved Flügger group A/S’ acquisition of the majority stake in the paint group Eskaro Group AB
On 24 November 2020, Flügger announced that the company had entered into an agreement to acquire 70% of the shares in the international paint group Eskaro Group AB, which has six factories and sales units in Ukraine, Russia, Belarus, Estonia, Latvia and Finland. The company employs just over 1,100 employees and has a turnover of approximately DKK 420 million annually. The trade was subject to the approval of the competition authorities in several countries.
The final approvals from the competition authorities have now been received. The acquisition will be completed on 14 May 2021, after which Eskaro will be part of Flügger group A/S. The acquisition will not affect the recently concluded financial year 2020/21, but will be fully included in the coming financial year, which runs from 1 May 2021 to 30 April 2022.
“We are very pleased that the final approval is now in place, and that the purchase of the majority shareholding in Eskaro can thus become a reality. We look forward to continuing our growth journey with Eskaro as part of Flügger group, and last but not least, we are pleased to welcome the more than 1,100 employees at Eskaro in Flügger group, ”says Sune Schnack, CEO of Flügger group A/S.