Pfleiderer takes over MDF production plant from Hornitex

Nov 11, 2004. /Lesprom Network/. Pfleiderer AG is taking over the MDF plant “Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG“ through affiliated companies. The deal is expected to take legal effect from November 15, 2004. The take over is a so-called “assigned redevelopment“ in which Pfleiderer is buying up assets of “Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG“ (“asset deal“). A contract to this effect was signed on November 10, 2004 with the official receiver of “Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG“, Dr. Dr. Werner Schreiber of the law firm Wellensiek Grub & Partners. The deal is subject to final approval by the creditors' committee of Hornitex Werke Nidda Kunststoff- und Holzwerkstoffplatten GmbH & Co. KG. In taking over production of medium density fiberboard, Pfleiderer Engineered Wood is effectively rounding off its product portfolio, enabling it to supply customers with this carrier material from own production. At the Nidda site, around 180 employees produce an annual 130,000 cubic meters of MDF for the furniture industry and for use in interior design. Spokesman of Pfleiderer's Board of Management, Hans H. Overdiek, sees the move as opening up new opportunities for the company: “By taking over MDF production at the Nidda site, we are closing a strategic gap in our product portfolio. Now we can participate in this high-growth, high earnings segment using our own production capacities in Germany. Being able to offer this special product extends our customer base in the furniture industry and specialist outlets, and will enable us to further extend our market position in Europe. Nidda is leading with regard to the development of MDF specialties, and its technological know-how will take us a big step forward in our plans for further expansion.“ Pfleiderer intends to grow further in the profitable MDF segment, either by making additional acquisitions, or as previously announced, by direct investment in the construction of new plants.