British Investment Group Buys Jung Pumpen
Jung Pumpen, the German based manufacturer of pumps and systems for wastewater applications, announced that the venture capital specialist 3i will take over its ownership by August 1, 2004.
Jung Pumpen was been in the ownership of the Masco Corporation (USA) in the last 25 years. All the time it was one of the most successful companies in the group. Now Masco will focus its business on four strategic divisions. As part of this restructuring it was been decided to divest the Jung Pumpen.
Jung Pumpen generates an annual sales of more than 50 million Euro and employs about 335 people. The company will continue its operation in its present structure under leading of Managing Director Helmut Schweitzer. A merger with other companies of the 3i Group is not foreseen.
The transaction still needs to be approved of by the Federal Cartel Office.
Source: Jung Pumpen GmbH