HBG: Management buy-out of German concrete repair company

8 November 1999 09:49 - Royal BAM Group nv

Rijswijk, the Netherlands – HBG, Hollandsche Beton Groep nv, is to transfer the assets of Torkret GmbH, Essen [Germany], to the present managing director with effect from 1 November 1999.

Earlier this year HBG announced plans to transfer the assets of Torkret GmbH to third parties, as concrete repair activities on the German market are no longer regarded as part of the Group’s core activities. Torkret employs a workforce of 330 and operates from twenty area offices throughout Germany. Turnover amounts to around DEM 70 million per year.

Torkret has been involved in [concrete] repair projects for almost eighty years. Among other things it specialises in the strengthening of bearing structures, conservation and renovation of concrete structural elements, renovation of historic buildings and the stabilisation of rock faces and quarry walls.

Torkret GmbH recorded a disappointing financial result in 1998 and major reorganisations have now been implemented in the company. Therefore Torkret expects to achieve stable turnover growth and a positive result in the coming years.

Further information:

Arno C. Pronk, HBG Public Relations, telephone +31 70 3722121.