Bomlitz/Munich, Germany - August 05, 2008
The Dow Chemical Company and ADCURAM Group AG signed an agreement today regarding the acquisition of the CaseTech group with its production sites in Bomlitz and Benefeld (Germany) and in Poland.
CaseTech emerged from the artificial casings division of Dow Wolff Cellulosics GmbH (formerly Wolff Walsrode AG) and has a long history as a supplier of high-quality casings for processed meat and sausage products and as a technological service provider for sausage producers both in industry and in the butcher’s trade. CaseTech and its product brand Walsroder® stand for high-end research, production, sales support and services from a specialized and competent source. The CaseTech group has a workforce of around 400 and in 2007 it generated sales worldwide amounting to 50 million euros.
ADCURAM will continue to develop CaseTech as a leading high-quality and innovative SME, thereby expanding its product portfolio, strengthening its global sales and service base and boosting its business above all in the growth regions around the world. Complementary acquisitions are planned for the medium term.
Martin Sonntag, General Manager of Dow Wolff Cellulosics GmbH said: “By selling CaseTech to ADCURAM we see good growth prospects the CaseTech group. It was very important to us that the group be sold to a good and responsible owner who can offer the business and its employees appealing long-term perspectives. ADCURAM fits the description, as it pursues a course of continuity, reliability and long-term commitment.”
Dr. Florian Meise, a member of the Executive Board and co-owner of ADCURAM said: “The CaseTech group will be one of our core activities and will develop into a powerful group of companies. Being a privately owned industrial group, ADCURAM provides the ideal platform for this strategy. As a leading supplier with a strong brand and an excellent global customer base, CaseTech fits superbly into our growth segment Material / Specialty Chemicals.“
The transaction is expected to be completed at the beginning of September 2008.
About Adcuram
ADCURAM is an internationa, privately owned and fast growing industrial group. The group invests in the businesses with a high development potential, in particular in the fields of manufacturing and manufacturing-related services. ADCURAM Group AG supports the group companies with regard to operational improvement initiatives, growth strategies, and complementary acquisitions. With this active development strategy, ADCURAM aims to continue its strong and profitable growth both in current and new areas.
ADCURAM is independent from short-term financing sources. Acquisitions are supported by the group’s financial strength.
About Dow
About Dow Wolff Cellulosics
Dow Wolff Cellulosics is a business unit of The Dow Chemical Company. With 2200 employees it is the world’s largest supplier of water-soluble cellulose derivatives, operating state-of-the-art production and R&D facilities. Our products perform key functions in markets such as food, personal care, pharmaceuticals, construction materials, paint and many other markets in a vast variety of applications.
As a leader in process technology and application expertise, we are trendsetters with our cellulosics additives in many different end-uses. By providing high product quality and excellent customer care we intend to continue our above-average growth strategy and to meet the future requirements of our customers’ markets.
®™* Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow
For Editorial Information:
Eberhard Wühle
Dow Wolff Cellulosics
+49 5161 44 2203
Yvonne Lange
Adcuram Group AG
+49 89 20209590
