ST Powder Coatings S.p.A., a company specialized in the production of powder coatings in epoxy, epoxy-polyester, polyester, polyurethane and silicone systems, announces the acquisition of Porfesték Forgalmazó Kft.
Based in Hungary, in Gyöngyös (about 80km from the capital Budapest), Porfesték has been operating for over 10 years in trading of thermosetting powder coatings. The ST group, through the holding Stproject s.r.l., also acquired the site property of Agócs és Fiai located on an area of 8,688 sq.m.
According to the agreement, the acquisition was formalized on 19th December 2018 with effect from 7th January 2019. The purchase is entirely self-financed, reflecting the strategy already pursued by ST Powder Coatings in Portugal (where in 2018 a new branch has been established). With this operation the ST group strengthens its presence in the Eastern European market, where it is already present with the Czech company Barten S.r.o. (of which ST holds 70% of the shares). Porfesték, in particular, will operate as a distribution point in Hungary, as well as a hub for neighboring countries such as Slovakia, Romania and Serbia, in which the company aims to strengthen its presence in the near future. In this context, the close synergic relationship between the parent company and the foreign branches will help to offer in these markets an even more complete offer that can satisfy the demand with innovative and personalized solutions.
ST Powder Coatings group now counts two plants (one in Montecchio Maggiore and one in Fuenlabrada, Madrid), and four foreign branches, as well as an international distribution network present throughout twenty European Union countries. The Group turnover aims to reach 40 million Euros in 2019.
Marco Zadra, CEO of ST Powder Coatings SpA, who will be the managing director of Porfesték, declared that "The agreement represents a strategic step in the group's growth path for internal and external lines".