Hungarian lighting fixture maker Helios Világítástechnikai has acquired more than 90% of peer Szarvasi Fémipari, the daily for Békés County, where Szarvasi is based, reported.
“This is about an old relationship,” Helios deputy-CEO Gábor Odonics told Békés Megyei Hírlap. “We move on the same market as Szarvasi, and at the management level, we have known each other for a long time. We are striving to increase our market share, which is why we bought a company with a similar profile.”
Helios does not plan to make layoffs at Szarvasi, rather it wants to better use capacity and introduce new activities. No merger is planned: the Szarvasi brand will remain.
Szarvasi had revenue of HUF 2.2 billion in 2008. Helios had turnover of HUF 2.5 billion.
In addition to making lighting fixtures, Szarvasi is well known for its coffee makers. (MTI – Econews)