Conzzeta and Ottobock close acquisition of Otto Bock Kunststoff
Conzzeta announces the closing of the acquisition of Otto Bock Kunststoff. Consistent with the announcement on July 21, 2017, Conzzeta assumed full control as per September 1, 2017, with corresponding first-time consolidation.
The transaction reflects Conzzetas growth strategy and adds significant global scale to its FoamPartner business unit with additional growth opportunities, particularly in Asia and North America. The product portfolios of Otto Bock Kunststoff and FoamPartner are largely complementary and combine to form a global leader in polyurethane-based foam materials for modern mobility solutions. The transaction also enhances the capabilities and offerings within FoamPartners Specialties and Living & Care market segments.
Ottobock is pleased to have found the ideal buyer with a long-term orientation in Conzzeta, and is convinced that joining with FoamPartner is also in the best interest of the employees. Ottobock is focusing even more closely on the med-tech sector going forward. Therefore Ottobock announced a long-term partnership with the Swedish private equity firm EQT recently in June, intended to boost the company’s growth.
Technogel business and the start-up matrazzo are excluded from the transaction as previously announced. Both of these companies remain part of Otto Bock group of companies and their strategic further development will be pursued.