Gamma Holding acquires Madison Filter Group

Significant strategic expansion of Gamma Technologies in filter activities

Gamma Holding NV reached agreement with Madison Filtration S.A. regarding the acquisition of the Madison Filter Group (Haslingden, U.K). The acquisition of Madison Filter is in line with Gamma Holding's strategy of expansion and broadening of the Gamma Technologies sector.

Hans van Oijen, Chairman of the Board of Managing Directors of Gamma Holding, announced "We are very pleased with the acquisition of the Madison Filter Group. We had been looking for a suitable opportunity to expand our filter activities for some time. This acquisition strengthens our market leadership in this segment."

Madison Filter is active in the fields of wet and dry filtration with filtration products made up of synthetic wovens, non-wovens, metal wovens and ceramic elements. These products are used in an extensive range of process engineering applications in the food, chemicals and pharmaceuticals industries. In addition, Madison Filter sells its products to companies engaged in the production of paper, wood and mineral fibre boards and in the fields of metallurgy, non-wovens and air and wastewater purification.

This year the group will generate a turnover of approximately EUR 75 million; it has some 750 employees. Its main manufacturing facilities are located in the United Kingdom, the USA, Sweden and Australia.

Outside the above countries, Madison Filter has its own sales, final fabrication and service organisations/support offices in Canada, Germany, France, Finland, South Africa, New Zealand, Singapore and Brazil. In most markets, Madison Filter is one of the market leaders.  

Research and innovation are central to Madison Filter's strategy. The company has an extensive laboratory where new applications for filters are developed and tested. This has enabled Madison Filter to develop considerable know-how in the field of filter technology, and the company holds many patents.

Gamma Holding will fund the acquisition from existing credit facilities. With effect from 1 December 2001 Madison Filter will be included in the consolidated accounts of Gamma Holding. The transaction will have a positive effect on earnings per share.

Board of Managing Directors, Gamma Holding N.V.

Helmond, 4 December 2001