The acquisition of State Printing House in Romania has been closed by payment of the purchase price and registration at the Romanian Registration Court. GPV will be consolidated by the Corporation as of February.
State Printing House signed a quota sales contract for the purchase of 50-percent quota in S.C. GPV Mail Services S.R.L. (hereunder GPV) on July 30, 2010. Following the approval of the Romanian Competition Office, the State Printing House’s acquisition of property was registered by the Romanian Registration Court on January 20, 2011. The purchase price of EUR 1 527 900 was transferred by the Corporation to DBR Holding S.A. as per the contract, by which the acquisition process was officially closed. The control of GPV will be taken over by State Printing House from February, and it will be included in to the consolidation circle according to the contract.
The main activity of GPV – which has shown continuous growth for four years – covers the printing, personalization and mailing of invoice letters and direct marketing materials. Its’ client portfolio mainly consists of banks, financial service providers and public utility companies, which properly completes the client portfolio of Tipo Direct S.R.L. in Cluj belonging to the State Printing House Group. The machine park and applied technologies of both companies as well as the location of both plants are ideal to cover the whole Romanian market.
’We intend to merge our two Romanian companies in order to utilize the synergies as much as possible. By taking this step, we will be able to make the best of the possibilities that can be found in the Romanian market. Over the past years, our development strategy focused on establishment of the products that can be sold on regional level, therefore our Romanian market acquisition represents an extremely significant step from this aspect as well.’ – said Gábor Zsámboki, CEO of State Printing House Plc.
State Printing House Plc.