Royal Ten Cate (TenCate) and Noel P Hunt International Limited have reached an agreement regarding the acquisition of TenCate’s 50% interest in the Geofabrics Australasia Pty Ltd joint venture based in Cheltenham, Australia. The takeover price of the shares amounts to AUD 40 million (approximately €23 million). The book profit on the sale of the 50% interest amounts to approximately €11 million and will be incorporated in the half-year figures of TenCate.
TenCate acquired its 50% stake in 2005 through its takeover of the Austrian roll goods supplier Polyfelt. Noel P Hunt International Limited was already a joint shareholder in Geofabrics Australasia. Given the strong worldwide market position and the integration of Polyfelt into the geosynthetics activities of TenCate, the equity participation in Geofabrics Australasia, without majority control, is not seen by TenCate as strategic. According to TenCate, agreements have been reached with the company concerning the continuation of commercial cooperation.