Tondach Gleinstätten Group (“Tondach”), Wienerberger is expanding its presence in Eastern Europe, but also strengthening its positions in clay roofing tiles on the European core markets.
Prior to the transaction, Tondach Gleinstätten was owned by Wienerberger (50%) together with two private family trusts (50%). On completion of the transaction, Wienerberger will hold 82% of the shares in Tondach. The final purchase price is made up of a payment of € 19.4 mill. and a transfer of treasury shares to a value of € 23.4 mill. and therefore totals € 42.8 mill.
In the years before the crisis Tondach invested in a modern, efficient plant network in Eastern Europe. The sharp drop in construction in this region led the company to carry out an extensive restructuring programme in 2012 and 2013 to align corporate structures to the market. The related measures focused primarily on the streamlining of production capacity, the optimization of administrative structures and strict working capital management. Heimo Scheuch, Chairman of the Board of Wienerberger AG, expects for Tondach total revenues of roughly € 155 mill. and an EBITDA of approx. € 23 mill. in 2014.
Tondach Gleinstätten, which is headquartered in Gleinstätten, Austria, operates 15 production sites in eight countries and is one of the market leaders in Central and Eastern Europe. In 2013 the company generated revenues of € 153.6 mill. and an operating EBITDA of € 19.5 mill. with 1 830 employees.