An Estonian-owned construction material manufacturer, Krimelte, has acquired a majority holding in a Spanish firm, Olivè Qukmica, a move characterized as a breakthrough into a blue chip, Old World market.
The Wolf Group, which owns Krimelte, will see its revenue increase by about 25 percent as a result of the acquisition of what was originally a family-owned business, ETV reported, saying it is expected to yield new inroads into an often jealously protected market.
Krimelte's plants in Estonia, Russia and Brazil produce foams, sealants and adhesives.
Olivè Qukmica, now 75 percent owned by Krimelte, has a similar product profile. Its turnover was around 20 million euros last year
The company, with 85 employees, has units and subsidiaries in Portugal, a production center in France, and outlets in France and the UK.
The price of the deal was not disclosed.