Austrian and German competition authorities approve the acquisition of the solar glass producer 'Interfloat Corporation' by HS Timber Group and Blue Minds
- Acquisition of the European market leader for solar glass with production facility in Brandenburg, Germany, approved
- HS Timber Group holds 80%, Blue Minds 20%
- Expansion of HS Timber Group's sustainable portfolio - Blue Minds shows commitment to energy transition for the first time in the industrial production sector
- Interfloat Corporation with around 300 employees, turnover in 2019 was EUR 45 million.
The purchase of the Interfloat Group, announced on 28 February, 2020 with the signing of the contract, was successfully completed on 15 April, 2020. HS Timber Group holds 80%, the remaining shares are held by Blue Minds Company. The parties have agreed not to disclose the purchase price.
With GMB Glasmanufaktur Brandenburg GmbH and its approximately 300 employees, the group is one of the largest manufacturers of solar glass for photovoltaic systems and greenhouses in Europe.
The market for solar power is booming, and all experts expect further significant growth rates in the coming years. Electricity from photovoltaics will become the most important energy source in Europe in the future. The solar industry will thus become one of the key future industries in Europe in competition with Asian suppliers. An expansion of production capacities is necessary to meet the increasing demand. HS Timber Group and Blue Minds want to actively exploit the international growth opportunities of this market and systematically expand their regional presence in Europe.
HS Timber Group, one of the leading wood processing companies in Europe, with export destinations in over 70 countries, is expanding its sustainable portfolio with this acquisition. For HS Timber Group, this step follows the strategic consideration of having a foothold in the sustainable energy production of the future in addition to its roots in the wood processing industry. The new owners are firmly committed to the locations and its excellent employees.
The Blue Minds Company is one of the innovation leaders in the energy and infrastructure sector, with offices in Vienna, Linz, Graz, Tel Aviv and Munich. The investment portfolio focuses on operational technologies and AI-based data integration. With the acquisition of Interfloat, Blue Minds expands its portfolio from digital business models to industrial manufacturing in the field of energy transition.
Background information:
About HS Timber Group
HS Timber Group has its roots in a traditional Austrian family business with more than 400 years of experience in wood processing. Today, the Group is primarily active in the timber industry, but also in the sawn timber trade and bioenergy production. It operates three sawmills and two wood panel production facilities in Romania, as well as another sawmill in Germany. With around 3,200 employees, HS Timber Group is one of the leading companies in the woodworking industry in Europe. The company's products are exported to over 70 countries. HS Timber Group GmbH is a company of the “Evergreen Privatstiftung”.
HS Timber Group (https://www.hs.at/)
About the Blue Minds Company
The Blue Minds Company, which was founded in Austria, is one of the innovation leaders in the energy and infrastructure sector with offices in Vienna, Linz, Graz, Tel Aviv and Munich and around 60 employees. The investment portfolio focuses on operational technologies and AI-based data integration. Blue Minds develops companies in the fields of energy transformation, mobility and real estate and has been investing in early-stage start-ups and high-tech companies in the DACH region, Israel and overseas since 2014.
Blue Minds (https://www.blueminds-company.com/)
About Interfloat Corporation
The Interfloat Corporation is an independent family business and has been a household name as a supplier to the European solar industry since 1982. As the first European importer of solar glass ever, we continuously invested in research and development of innovative products, new glass structures and high-performance coating technology. In 2007/8, the company has already developed from a long-standing trading partner for solar glass to a producer and reliable investor in Brandenburg. With the commitment to GMB Glasmanufaktur Brandenburg GmbH, the value-added chain could be specifically extended.
Interfloat Corporation (http://interfloat.com/)
