Andritz AG stock rose the most it has in more than two weeks after NSC Group said it was in exclusive talks to sell its NSC Nonwovens business to the Austrian maker of machines used in the paper and metals industries.
Andritz climbed 1.5 percent to 58.77 euros, its biggest increase since July 19, after earlier advances of as much as 5.7 percent.
The unit consists of the companies Asselin-Thibeau, based in Elbeuf, France, and Wuxi NSC, based in China, and makes equipment used in the production of nonwoven fabrics, NSC said in a statement on the Les Echos website. Negotiations will take place in the coming weeks, NSC added.
In 2010 NSC Nonwovens was responsible for 41 percent of its parent’s 78.8 million-euro ($112 million) turnover, according to NSC’s website.
Andritz mulling NSC Nonwovens purchase