Pelikan CEO Loo Hooi Keat
Stationery firm confirms it will acquire the German and Austrian sales business and administrative functions of the company.
OPI reported on the announcement by Pelikan that its plans for German subsidiary Pelikan Holding AG Group to acquire the assets of Herlitz Group – another of its German subsidiaries – have been confirmed, with the company previously announcing its intention to consolidate its German operations in October.
The acquisition aims to create “synergies” between the Pelikan and Herlitz businesses in Europe and to “cut the losses which are being made by the Herlitz Group on a standalone basis”; and is expected to come into effect on 1 march 2014.
The Recycler reported in November that Pelikan achieved third quarter profit of RM4.3 million ($1.3 million/€990,000) compared to a RM9.4 million ($2.9 million/€2.1 million) net loss a year earlier following the company’s restructuring; with the company announcing an operating profit of SFr6.7 million ($7.4 million/€5.5 million) and net profit of SFr4.1 million ($4.5 million/€3.3 million) in the first half of this year.