Due to the distinct market segments the two German companies cover on the various markets they operate, VEKA will keep Gealan in its current form and both companies will seek to consolidate their current positions, VEKA said in a press release Monday.
Romanian antitrust authorities cleared the acquisition at the end of May.
The deal between VEKA and Gealan was announced in March and the value of the deal has not been disclosed.
A family business, VEKA group had over 3,600 employees in 25 subsidiaries on three continents and posted a turnover of EUR793 million in 2013. By acquiring Gealan from investment fund Halder, VEKA raised its staff numbers by 1,150 employees and will reach an annual turnover of more than EUR1 billion.
VEKA’s tnrover in Romania increased 7% last year, to EUR16 million, while Gealan Romania stagnated at around EUR25 million. Annual sales of PVC profiles in Romania are estimated at around EUR100 million.