The Schütz Group has announced the takeover of composite specialist Euro-Composites. Completion is still subject to antitrust approvals. Euro-Composites will be retained as a brand; the management team and around 930 jobs at the sites in Luxembourg, Germany and the USA are to be taken over.
Mr Schütz stated that he intends to strengthen the EC Group's market position in the coming years by investing in technology, research and development and expanding international sales structures. According to the company, the staff at the locations have been informed about the succession plan; continuity for employees and customers is assured. Company founder Rolf Alter is retiring after more than four decades at the helm.
Continuity in brand and management
According to the companies, Euro-Composites will continue to develop independently as an established brand. The existing management team will remain in office and will continue to run the business together with Schütz. The transaction is expected to be finalised „shortly“ following the expected approvals.
Company profiles
Euro-Composites is a global supplier of complex composites products, including ready-to-install components, moulded or milled composite components, panels, laminates and honeycomb core materials. The products are supplied from three production sites. Schütz is an internationally active industrial group with four business divisions (Packaging Systems, Energy Systems, Industrial Services and Composites) and has announced a Group turnover of 2.5 billion euros for 2024.
Source: Contactor
