Plansee Group gains control over Luxembourg firm Ceratizit
Austrian manufacturing company Plansee Group has bought a further stake in Ceratizit, one of Luxembourg’s largest industrial employers, Plansee said on Wednesday, without disclosing full details.
Plansee already holds 50% of shares in Ceratizit, an engineering group based in Mamer which specialises in cutting tools.
The Austrian group will now increase that stake further, with effect from March 1, subject to approval from regulatory authorities. Under the terms of the deal, Plansee retains the option to acquire any remaining shares in the future.
Although Plansee described the acquisition as “the most important in the company’s history”, it did not disclose the value of the transaction or the percentage of the shares it purchased.
"We want to continue the Ceratizit success story - as the majority owner, even faster and more sustainably," said Karlheinz Wex, CEO of the Plansee Group, in a press statement on Wednesday.
Workers’ unions expressed concerns over the deal and the potential impact on jobs at a company which employs around 1,300 in the Grand Duchy.
“This decision is likely to have negative repercussions in terms of jobs for the Mamer site… changes at shareholder level should not, under any circumstances, lead to job losses or a worsening of work conditions and pay,” the OGBL trade union said in a press statement.
In addition to the site at Mamer, the Ceratizit group also employs workers at its Ceratool and Ceraspin units in Livange, and Ceratunksten in Niedercorn.
Ceratizit registered a full-year net profit of €27.9 million and distributed up to €30 million in dividends to its shareholders in 2020.
(Additional reporting by Thomas Klein and Jean-Michel Hennebert)