AUSTRIA: LENZING BUYS BELOIT TECHNOLOGY

Article Abstract:

In Austria, Lenzing Technik GmbH & Co KG has acquired assets of bankrupt Linz-based pulp technology company Beloit Austria GmbH. The latter company that used to belong to the Voest-Alpine group specialised in the designing and construction of pulp- and papermills. The company's on-going projects will be taken over by Lenzing Technik. Lenzing Technik, which was recently hived off from the fibre producer Lenzing AG, is involved in plant engineering and services to the pulp and fibre industries worldwide. With about 460 staff, it generates an annual turnover of Sch 600mn. The acquisition of Beloit assets gives it knowhow for new pulping technologies.

Strategic alliances

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AUSTRIA: VA TECH AIMING AT MARKET LEADERSHIP

Article Abstract:

The Austrian high-tech group VA Tech wants to become the world market leader in the sector of metallurgical plant engineering with the help of the new Anglo-Norwegian subsidiary Kvaerner Metals Equipment (KME), for which VA Tech paid Sch 427mn. KME has activities in France, Italy, Spain, the UK and US. In Pittsburgh, KME will merge with VAI Industries into a regional competence centre. KME is expecting losses for 1999 but should return into the black in 2001.

Strategy & planning, Acquisitions & mergers, Parent-to-subsidiary activities, VA Tech of Austria

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AUSTRIA: BELOIT INSOLVENT

Article Abstract:

Beloit Austria GmbH, a subsidiary of Harnischfeger of the US, has filed for bankruptcy. The company that is engaged in the development and production of pulp and paper making technology, has liabilities of about Sch 500mn. The company employs 59 staff. The US parent, which is under Chapter 11 proceedings, has stopped funding its subsidiaries in Austria, Italy and the UK.

Australia, Organizational history, Paper Industry Machinery, Paper Mill Machinery, Machinery industry, Paper industry, Paper machines, Paper mills, Harnischfeger Corp.

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