Officials did not convey the exact number of shares that Plansee Group acquired. Company spokesman Karlheinz Wex stated however that it was the biggest transaction in their history. Furthermore, Plansee will have the option to buy the remaining Ceratizit shares within the next years.
Ceratizit was established in 2002 after the merger between the Austrian company PlanseeTizit and the Luxembourg company Cerametal. Since the merger, Ceratizit has tripled its sales and advanced to one of the leaders in the cemented carbide industry.
Following the announcement, trade union LCGB issued a press release, in which it states concerns over the takeover. Although the takeover should not have any consequences for the company’s jobs, the union has requested an urgent meeting with their officials to enquire about the motifs for the transaction.
LCGB further notes concerns that yet another Luxembourgish company is now in the hands of foreign shareholders, with the announcement of the deal coming in the same week that the Luxembourg government communicated its sale of Paul Wurth shares.
