Gamma Holding strengthens technologies sector

Gamma Holding N.V. has acquired Green Belting Industries Ltd., Mississauga, Ontario, Canada, including its U.S. subsidiary based in Buffalo, New York, from its present owner Richard Green. The acquisition of Green Belting marks another important step in the continued expansion of Gamma's Technologies sector.

Green Belting primarily operates in the field of PTFE-coated glass fabrics. Its products comprise tapes, belts and fabrics with specific thermal, chemical and electrical properties for applications in e.g. the insulation materials, food and packaging industries. The company currently has consolidated sales of close to EUR 9 million, of which two thirds are generated in the USA. Its manufacturing facilities are located in Mississauga, Ontario. The sales and service network covers all of North America. Green Belting employs 70 people.

The acquisition fits in well with technologies used in Gamma's current Coated Fabrics/Composite Materials and Process and Conveyor Belts activities. It provides excellent access to attractive adjacent markets.  

Gamma Holding has financed the purchase using existing credit facilities. Green Belting will be included in Gamma Holding's consolidated accounts from May 1, 2003. The transaction will have a positive impact on earnings per share.

Board of Managing Directors, Gamma Holding N.V.

Helmond, 2 May 2003