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Videoton acquires majority stake in Ventifilt

Hungarian-owned contract electronics manufacturer Videoton has acquired a 94% stake in welded machinery maker Ventifilt for about HUF 500 million, the management of the two companies announced at a press conference on Wednesday.

Ventifilt will benefit from the acquisition as it can now avail of Videoton's foreign sales network and take advantage of group financing for projects that it may not be able to get independently, said Péter Lakatos, one of Videoton's chief executives.

Ventifilt has already found two German business partners with the involvement of Videoton since the acquisition, said Ventifilt CEO Pál Gélák.

Ventifilt had revenue of HUF 750 million in 2010. It employs 160 people.

Videoton Holding had revenue of HUF 86 billion in 2010. The company's headcount reaches about 8,000.

Lakatos and Ottó Sinkó, Videoton's other CEO, said revenue is expected to rise 0-5% in 2011, down from 10% projected in January. CAPEX could reach HUF 2-3 billion this year, they added.