Lombard, Illinois. Viskase Companies, Inc. (OTCMKTS: VKSC), announced today that it has signed a definitive agreement to acquire 100% of the equity interests in Walsroder Casings Group (including its subsidiaries Walsroder Casings GmbH and Walsroder Casings Polska Sp. z o.o.), headquartered in Bomlitz, Germany, from Quota International GmbH and CT Holding GmbH. The acquisition also includes the casing business assets of Poly-clip System, LLC, Walsroder’s US distributor and an affiliate of Quota, located in Mundelein, Illinois.
After several decades, Walsroder is widely recognized by the processed meat industry for its high quality product line of fibrous and plastic casings and innovative manufacturing technology. Walsroder products are distributed throughout the world. Walsroder has manufacturing and distribution facilities in Germany and Poland, and distribution in the US through Poly-clip.
For the year ending 2016, Walsroder’s total turnover is approximately $60 million.
This acquisition will strengthen and complement Viskase’s broad product line of fibrous and plastic casings and provide additional production capacity for all of Viskase’s key markets.
Thomas D. Davis, Chairman, President, and CEO of Viskase, commented, “We look forward to adding the high quality products and talented management and people of Walsroder to the Viskase family. This acquisition will augment our large portfolio of products serving the processed meat industry around the world, and the combination of the talented people of both companies will result in a stronger and more competitive Viskase.”
Final closing of the acquisition is expected by mid-January, once regulatory requirements are completed. Transition of the Poly-clip casings finishing and distribution business in the US to Viskase will occur over the next few months to ensure that all customer needs will continue to be satisfied.
Viskase Companies, Inc. was founded in Chicago, Illinois in 1925, originally as The Visking Company, when we invented and introduced the first synthetic sausage casing made from regenerated cellulose. This product was a revolutionary step forward in the meat processing industry. It allowed for large gains in productivity and efficiency to manufacture ready-to-eat meat products. In the years since, the Company has continued to put emphasis on innovation as we introduced new products, new concepts, and product adaptations to fit our customers’ needs. Expanding into new markets, and growing our business in existing markets, has led us to becoming the company we are today; focused on helping our customers bring safe and affordable protein sources to people around the world.