The Austrian company, a market leader in systems and equipment for the production of wafers, crackers and hard biscuits, told FoodProductionDaily.com that its purchase of a controlling stake in DFE Meincke was a "perfect fit". No financial details of the takeover were available.
The deal, which was agreed just before Christmas and formally ratified on 4 January, saw Franz Haas buy 85 per cent of its rival. The other 15 per cent stake remained in the hands of DFE Meincke’s Frank Muntzberg, who will continue to manage the company as CEO in tandem with the new owner.
"The strategic vision behind the acquisition is to become a major player in the bakery industry," said Haas Group spokesman Thomas Breg. "Meincke is a perfect fit for us. We are not cannibalizing each other but complementing one another. We specialise in plant systems for crackers and hard biscuits, while Meinke is a leader in soft biscuits and cakes. The acquisition gives us the complete portfolio.“
Breg said the takeover would create synergies in its technical and production departments that will enhance both business efficiency and customer service. The company will now be supplying machines for all aspects of the biscuit market. It pledged to work with DFE Meinke to provide customers with the best know-how in markets that continues to grow.
The company should begin to see the financial benefits of the acquisition by the end of the year, predicted Breg.
The company said it would spend the next three to six months evaluating the implications of the deal but that there were no current proposals for any closures or rationalisation. Breg describe DFE Meincke as a "clever and efficient company“.
While R&D was a continued high priority for Franz Haas and DFE Meinke, the company would be focusing its efforts on bedding in operations in the wake of the takeover. Innovations would likely be brought to market to coincide with the Interpack trade show next year, said Breg.
In 2008, Franz Haas posted a turnover of €105m – with Europe and Russia accounting for 54 per cent of this total. Its North American market accounted for a quarter, while the Far East/ Pacific region was just under half this at 12 per cent. Africa accounted for four per cent of turnover, with the Middle East five per cent.
The company said it was now in a position to aim for sustainable global growth.