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ConvaTec increases footprint in France and Benelux

Published: 08:18 04 Jan 2017 GMT

Euros
ConvaTec is paying €25mln for EuroTec

Colostomy bag maker ConvaTec Group PLC (LON:CTEC) has acquired a Netherlands-based rival, EuroTec Beheer, for €25mln.

EuroTec manufactures and distributes one- and two-piece ostomy systems and accessories through various distribution channels in the Netherlands and Belgium, and through distributor partners in other markets.

The acquisition also includes EuroTec's production facilities in Roosendaal, Netherlands.

ConvaTec, which floated in October of last year and was promptly included in the list of FTSE 100 constituents, said the acquisition of EuroTec would significantly strengthen its ostomy care business in the France and Benelux region.

"ConvaTec and EuroTec share a common commitment to improving the lives of people with stomas and a dedication to providing quality products, excellent service and personal support,” said Paul Moraviec, chief executive officer of ConvaTec. 

“We look forward to working with our EuroTec colleagues to inspire more ostomates to live the life they want," he added.

Shares in ConvaTec, which floated at 225p, edged a halfpenny lower to 240.1p in early deals.

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