Diploma buys France's Gremtek for undisclosed sum

Technical products group Diploma said it was buying Actios SAS, the parent company of Gremtek Group, for an undisclosed sum.

Gremtek supplies own-branded protective sleeving and cable identification products to a broad range of industrial markets, principally in France, but also in Germany and elsewhere in Europe, Diploma said in a statement..

In the year ended 31 December 2017 Gremtek generated sales of approximately €10.8m and normalised operating profit of €1.3m. The acquisition will be immediately earnings enhancing, Diploma said.

Based in Gennevilliers, Paris, Gremtek has has 27 employees with another 10 employed at its facility in Quickborn, Germany.