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WashTec AG signs agreement to acquire auwa Chemie GmbH & Co KG

(PresseBox) (Augsburg, ) WashTec AG today signed an agreement to acquire auwa Chemie GmbH & Co KG. The takeover is effective May 1, 2008.

auwa Chemie is a medium-size manufacturer of carwash chemicals with its headquarters in Augsburg, Germany. The company was established in 1970 by its current owner. auwa Chemie offers a complete range of carwash chemicals and with its "auwa" brand, has become a well-established manufacturer in the predominantly medium-sized European market for carwash chemicals. Through its own sales network in Germany and sales partners across Europe, auwa Chemie generates revenues of around 5 million Euros per year and has consistently posted positive results. The acquisition will be financed through the WashTecGroup's existing bank syndicate.

"The acquisition of auwa is consistent with WashTec's strategic positioning as a full solution provider of all services around the carwash value chain" explained WashTec management board spokesman, Thorsten Krüger. "For some time now we have been looking for a suitable partner to expand our range of products targeted at the car wash industry. The sales network and expertise that we are adding with auwa will serve as a platform to significantly grow our revenues in the chemicals segment. It will also serve as a basis for future carwash chemicals innovations. As the market leader, we will aim to achieve also a leading position in the carwash chemicals market. This step will allow us going forward to give all WashTec and auwa customers even greater support in their car wash businesses."