Diploma buys France's Gremtek for undisclosed sum

12th Oct 2018 07:25

(Sharecast News) - Technical products group Diploma said it was buying Actios SAS, the parent company of Gremtek Group, for an undisclosed sum.Gremtek supplies own-branded protective sleeving and cable identification products to a broad range of industrial markets, principally in France, but also in Germany and elsewhere in Europe, Diploma said in a statement..In the year ended 31 December 2017 Gremtek generated sales of approximately €10.8m and normalised operating profit of €1.3m. The acquisition will be immediately earnings enhancing, Diploma said.Based in Gennevilliers, Paris, Gremtek has has 27 employees with another 10 employed at its facility in Quickborn, Germany.