Austrian geotextiles specialist Polyfelt GmbH has been sold for €70 million to technical textiles powerhouse Royal Ten Cate (RTC), headquartered in The Netherlands. The acquisition represents a strategic step in RTC's "buy-and-build" process, which is centered around five strategic core areas—protective fabrics, aerospace composites, antiballistic composite materials, artificial grass and geosynthetics.
With annual sales in the €90 million range, Polyfelt operates production facilities in Linz, Bezons/Paris and Kuala Lumpur. Approximately 70% of Polyfelt's sales are generated in Europe. In addition, Polyfelt has a 50% interest in Geofabrics Australasia.
RTC will align Polyfelt to its own geosynthetics operations in an effort to strengthen its standing outside of the U.S. Polyfelt's European geotextiles and geosynthetics businesses will continue to be headquartered in Linz, Austria.
The transaction, which is subject to the approval of anti-trust authorities, is expected to close before the end of the year.