AEV acquire further European market share with acquisition in Hungary.
The AEV group, leading manufacturers of insulating resins and compounds for the electrical industry world-wide, based in Birkenhead, UK are announcing today, that they have acquired a 100% equity share of Korax Kft, a manufacturer of Epoxy and Polyurethane Casting resins for the electrical industry, based in Leányvár, Hungary.
The purchase of Korax allows for a geographical spread into Eastern Europe where AEV has not traditionally been present. It also brings expertise in the market of Electrical Epoxy Casting resins where a large global market can be reached by AEV’s global sales & production capabilities.
“The acquisition of Korax will allow our existing customers access to a range of products not traditionally available from AEV and will further expand our market share in European markets.” Said Jonathan Kemp, CEO of the AEV group.
”With my retirement on the horizon and In the interest to further develop Korax Kft., I considered it necessary to join an organistaion with an International Network. The AEV Group is making a great contribution to this development and it is a great pleasure that our products also contribute to the expansion of the AEV Group. For my part, in the coming period, I will continue my professional activity at the AEV Group, ensuring a smooth transition.” – Said József Gajda, CEO of the Korax Ltd.
Korax will continue to operate under it’s current name but will become a 100% wholly owned subsidiary of AEV Holdings Ltd in the UK, being integrated into the AEV brand over time.