ECONOMY

Petzetakis doubles size after new buy

Pipeworks manufacturer Petzetakis said yesterday it has doubled its size in the European market following its takeover of the Induplas Group from Smiths Industries last Friday for 12.55 million euros. The latest acquisition marked the completion of a first round of takeovers in a relatively short period of time, Petzetakis said in a statement yesterday. The company’s strategy will now focus on assimilating the various acquisitions. Not only has the company doubled its size and strengthened its principal activities, it has staked out a commanding presence in southern Europe and Africa, Managing Director George Petzetakis said. The priority in the immediate future is to digest the acquisitions and exploit the synergies, he said. Following the Induplas purchase, Petzetakis said it holds the lead in southern Europe and has production facilities in five European countries. The Induplas Group, a member of Cable Division Management belonging to Smiths Industries, consists of three companies. Barcelona-based Flexiplas is the largest flexible pipe manufacturer in Spain, while Induplas SA is one of the biggest firms in the Italian pipe market. The third company, Eurohose, is located in the UK and distributes Induplas products in the country. Induplas reported sales of 22.3 million euros in the financial year ending July 31, 2001. Earnings before interest, tax, depreciation and amortization amounted to 2.35 million euros and operating profits 1.85 million euros. The group does not have any bank loans. Petzetakis will continue to supply pipes to Smiths Industries in accordance with a multiyear contract.