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In combination, the two companies represent nearly €140 million (US$186.9 million) in turnover and employ 350 people. They rank as one of the top three German distributors of technical power transmission products and have extensive geographical reach.
The two companies will be merged as the ZITEC Group, in line with IPH's focus on local brands and autonomy. The ZITEC group will be headed by Walter Nemetz, ZITEC's former owner and long-standing CEO, and Sascha Hackstein, former CEO of Norgren Europe.They will be joint managing directors.
"The ZITEC group will give us a very strong foothold in Germany, the largest European distribution market," says Pierre Pouletty, IPH CEO. "It also provides us with a solid platform for future growth, and strengthens our core mechanical transmission business. This new stake in Germany will also allow us to better serve our customers on a pan-European level."
The acquisitions are subject to approval from the cartel offices in Germany and in Austria.