Naxos International AB, SE-593 83 Västervik, Sweden
NaxoFlex AB has got a new owner
The wholly-owned subsidiary NaxoFlex AB has today been sold to the Italian company Nastroflex S.p.A.
Naxoflex started its operation on 1 January 2000 when the coated business in SlipNaxos AB was transferred to a separate company. One of the main reasons for this was to put more focus on the coated side, in a group mainly concentrated in bonded abrasives. Another important reason was to make it easier to find another company in coated abrasives to co-operate with.
Nastroflex is the biggest customer of NaxoFlex. The company is situated in Ponte di Piave, a little town in the area near Venice. The company is family owned and converts belts, rolls, discs etc. tot the Italian market. In the Nastroflex Group is also Abrasivi Industriali with a plant in Milan, which manufactures coated abrasives. The enterprises complement each other and will be able to offer the market a very competitive and interesting assortment.
The new group will have a turnover of approximately SEK 350m and approximately 220 employees. The group will have a good profitability and the co-operation will involve considerable synergy effects within purchasing, product development, production and marketing.
With Nastroflex as the new owner, NaxoFlex now finally belongs to a Coated Group, which means a lot for the development and the future of the company. Nastroflex is very much familiar with the activities of coated abrasives, is a well-known company in the converting business and has a great knowledge within this line of business.
This is a deal with entirely content parties. The Seller, the Buyer, the Management, the Employees, the Unions, all declare their satisfaction with the new ownership. We really wish NaxoFlex all luck and prosperity for the future.
SlipNaxos together with Rappold Winterthur, all members of Abrasive Technologies Group, the third largest European manufacturer of bonded abrasives for industrial applications, will now be even more focused on growing the bonded business and enthuse customers with innovative solutions of highest quality.
Västervik, 28 February 2002
Dr. Edgar Rappold
Group Managing Director
Abrasive Technologies Group
Dr. Edgar Rappold Ulf Englund
Group Managing Director Finance Director
Abrasive Technologies Group Naxos International Group
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