Phoenix sells printing blanket activities: German firm to focus on core business as printing activities are sold. (Rubber news).(in management buyout backed by BPE Private Equity GmbH)(Brief Article)

European Rubber Journal, November, 2001 by White, Liz

As part of efforts to focus on core business, Phoenix AG has sold its offset blanket activities in a management buy-out, effective 1 Oct. The MBO team, backed by a fund managed by BPE Private Equity GmbH of Hamburg, has acquired the assets of this business. These include production facilities and materials stocks, as well as expertise in development and manufacture of the printing equipment at the company's site in Waltershausen, Thuringia, Germany.

The business had revenue of 16.5 [euro] million ($14.8 million) last year, according to Hamburg, Germany-based Phoenix. The MBO team will take on the 71-strong workforce, together with Phoenix's existing commitment to them. Both parties agreed not to divulge the terms of the deal, said a Phoenix statement.

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