(PRW) -- Lentex, the acquisitive Polish floor coverings company, has been confirmed as the preferred purchaser of state-run PVC building products manufacturer Gamrat Plastic Works.
The Polish government is reported to have accepted a new Lentex offer and the successful bidder has signed an agreement to buy 85% of Gamrat shares.
This month, Lentex a nonwovens and vinyl flooring maker based in Lubliniec, plans to conduct talks with trades unions representing the Gamrat workforce. Workers at Gamrat, based in Jaslo, Poland, have been mounting a fierce campaign against privatisation of the business and its takeover by Lentex.
Last year, following exclusive negotiations, Lentex failed to conclude a deal to acquire Gamrat by the August 2010 deadline. But later the Polish Finance Ministry invited Lentex again to bid for the state owned firm against the national synthetic resins company Lerg.
In the meantime, Lentex is in the process of buying the Hungarian vinyl and wood flooring firm Graboplast based in Gyor, in what is set to be a significant consolidation move for the flooring sector in Eastern Europe. This deal is scheduled to be concluded by the end of February.
Poland's Gamrat makes a range of PVC and polyethylene construction products including roof profiles, lining systems, pipes and films. It is reported to have recorded a 2009 pre tax profit of ┬5.43m on annual sales worth more than ┬50m.
MRC