CHRISTCHURCH, New Zealand (April 10) — Skellerup Holdings Ltd. has agreed to buy Tumedei S.p.A., an Italian manufacturer of custom-designed technical rubber products for the automotive, petrochemical, gas, water and irrigation markets.
The purchase of Tumedei for $14.3 million brings revenues of close to $11 million and operating earnings of between $2.5 million and $3 million.
Skellerup Chairman Keith Smith said the purchase would add further reach and depth to Skellerup´s existing technical rubber businesses led by Gulf Rubber, which had maintained a strong level of performance since acquisition in 2006.
"Tumedei has proven technical capabilities and products that will fit well into our business, and enhance our strategy of expanding our technical rubber capabilities and markets," Smith said.
He said exports to other parts of Europe, North and South America, the Middle East and India account for about 30 percent of the Italian firm's business.