Dutch polyurethane foams and adhesives producer Den Braven was taken over by two Dutch investment funds, Egeria in partnership with Wagram, which have acquired its majority share package.
The new shareholders have made public their intention to increase production capacity by investing in the local Den Braven foam plant, one of the group’s eleven such plants and the only one located in Eastern Europe. The investments are estimated to double the turnover of the Romanian subsidiary over the next three years, according to company representatives.
“The takeover of the Den Braven group by two fianancial giants like Egeria and Wagram with extremely sound financial resources, is a guarantee for the future development of the group and, of course, of its local business”, said Adrian State, GM of Den Braven Romania. He added that the change will not cause personnel changes, nor will it affect the company’s already existing business relations.
Den Braven Romania posted a 40 percent sales increase for the first half of 2010 against the same period of last year, reaching EUR 16.3 million. Den Braven opened a representative office in Romania in 1997, and in 2007 decided to invest over EUR 12 million in a local polyurethane foam plant, the group’s only one in Eastern Europe.