Homag Group AG has completed its restructuring by selling subsidiary IMA Klessmann GmbH to an investment company.
The sale to ADCURAM Industriekapital AG forms part of Homag’s creation of a clear single brand name strategy.
It comes just two years after Homag won a lengthy monopolies and mergers case which contested the company’s acquisition of IMA.
Homag said the restructuring process had identified several product overlaps affecting group members IMA Klessmann and IMA Meinert.
It also said the collapse in the world woodworking machinery market in 2002 and 2003 was a “significant casual factor” which prompted its move towards a new strategic alignment.
IMA’s Polish production site has been integrated into Homag for use as a manufacturing base for the group’s further expansion into eastern Europe.
IMA makes a range of woodworking equipment, including edgebanders, CNC machining centres and stationary processors.
Homag said: “With our clear single-brand strategy we are now ideally placed with the benefit of a clear market position. An additional benefit of this move has been a positive impact on our financial ratios and added economic strength for the group.”
