The subsidiary SVT GmbH, the world's leading manufacturer of loading technology for liquids and gases, has acquired the steel construction division of its long-standing Hungarian supplier BAV Tatabánya Kft. based in Tatabánya (approx. 60 km west of Budapest) as part of GESCO Group's M&A strategy. The acquisition is still subject to approval by the Hungarian authorities.

The acquired part of BAV, which was founded in 1992, employs about 60 people. The core business of the steel construction division is the design and manufacture of welded steel structures. These are required for special steel constructions such as the loading arms of SVT. In the 2021 financial year, BAV's steel construction division achieved sales of just under EUR 5 million.

With this transaction, SVT increases the security of its supply chains and creates a stable basis for further growth. BAV was previously the most important supplier for SVT steel structures; SVT was BAV's largest customer. Due to the long-standing and intensive business relationship, there is a strong bond of trust between SVT and BAV.

With its high product quality, flexibility and delivery reliability, BAV not only strengthens SVT, but also contributes to the implementation of GESCO Group's NEXT LEVEL 25 strategy.

The parties have agreed not to disclose the purchase price.

About GESCO:

GESCO AG is an industrial group with market- and technology-leading companies in the capital goods industry with a focus on process, resource and healthcare and infrastructure technology. As a company listed in the Prime Standard, GESCO AG gives private and institutional investors access to a portfolio of hidden champions in the German industrial SME sector.

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Daniel Kral                             Peter Alex
Head of M&A                         Head of Investor Relations & Communications

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