Takeover deal makes Bauwerk the global market leader
St.Margarethen/Somerset - The Bauwerk Group has agreed a deal to acquire Somerset Hardwood Flooring. The takeover of this US competitor makes the parquet flooring manufacturer the global market leader for top quality hard flooring solutions. Moreover, Bauwerk has successfully expanded its presence in the USA and Canada with this deal.
At the start of May, the Bauwerk Group agreed a takeover of Somerset Hardwood Flooring from Somerset in the US State of Kentucky, further details of which can be found in a press release issued by the international corporate group for parquet solutions and sawmill services based in St.Margarethen in the St.GallenBodenseeArea. As a result of the takeover, Bauwerk looks set to generate annual sales of around 400 million Swiss francs, making it the global market leader for quality parquet. The two parties to the transaction agreed not to disclose any financial details of the takeover.
With the takeover, Bauwerk intends to strengthen its own presence in the USA and Canada. The new acquisition, which specializes in solid hardwood flooring, will also benefit from Bauwerk’s expertise in the area of multi-layer parquet solutions, the Bauwerk Group explains in the press release. Somerset Hardwood Flooring will remain as a brand under the new ownership structure, while the brand is to be managed by former Somerset Hardwood Flooring sales manager Paul Stringer.
“With Somerset Hardwood Flooring, we have found the ideal partner for Bauwerk Group’s North American expansion”, comments Patrick Hardy, CEO and President of Bauwerk Group AG, in the press release. “All the requirements we have set for an acquisition, such as good market positioning, production capacity, high quality, and a fit in terms of values and people, apply to Somerset”, he concludes.