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The transaction gives opportunities for strengthening Group’s presence in Western Europe and the Spanish-speaking markets worldwide.

Member of Wolf Group Krimelte, Estonian capital based building material producer and one of Estonia’s biggest exporters, has acquired 75% shares in Olivé Química S.A.

Olivé Química represents a family enterprise established in 1974 in Barcelona and characterised by long-standing traditions. Its main business is in the development, production and sales of adhesives and sealants. Today, the trademark of Olivé is well-known and recognised not just in Spain but throughout Western Europe and in the entire Spanish- and Portuguese-speaking trading area in general. Olivé Química export geography covers – as in the case of Wolf Group – more than 50 countries. The production units of the company are located in Barcelona, Spain, and in Lille, France, its sales units are in Spain, France, Portugal, and the United Kingdom. The major part of the company’s production is concentrated in Barcelona. In total, Olivé Group employs more than 85 people. Last year, the Group’s turnover amounted to approximately 20 MEUR.

According to Jaan Puusaag, Chairman of the Management Board of Wolf Group, Wolf Group and Olivé are bound by years of co-operation. “The acquisition of majority of shares represents, above all, a strategic step that will further strengthen and diversify the product portfolio of Wolf Group and also expand its export geography.“

“The merger of Olivé with Wolf Group will improve our logistical opportunities in southern Europe, in the Mediterranean region and in Spanish and Portuguese-speaking trading areas in general,” Puusaag said, pointing out the advantages of the recently concluded transaction. Puusaag said it is also hard to overestimate 40 years of experience and knowledge possessed by Olivé Química. He also added that the region concerned is showing signs of emerging from the economic recession, and this will give the Group in general a good basis for making the most of the market opportunities available in the region.
 
Puusaag added that Wolf Group is interested in maintaining the traditions established in Olivé over the years, as well as in focusing on further development of the company and the acknowledged product brand. Therefore, Olivé Química will continue operating under its current management as an independent subsidiary of Wolf Group. The transaction is expected to contribute approximately one quarter growth in the Group’s turnover.

The value of the transactions is undisclosed.

“Being part of Wolf Group will definitively allow us to consolidate our offering to the market with new products and solutions for the professional and DIY construction industries,” said Luis Olivé Palau, Managing Director of Olivé Química. He added the alliance will reinforce Group’s leadership in the newest sealants and adhesives technologies and present many opportunities for our global customer base to prosper.  

The main business of Olivé Química includes the development, production and sales of adhesives and sealants. The product range is extensive and includes, among other products, silicones, acrylic and polyurethane products, adhesives and a wide choice of various tools.

Wolf Group unites the sales and production units of Krimelte, a leading European manufacturer of construction chemistry products and materials, in Estonia and abroad. The production entities of Wolf Group are now located in Estonia, Spain, Russia, and Brazil. Its sales units are situated in the Baltic states, Ukraine, Romania, Bulgaria, Denmark, Kazakhstan, Spain, France, Portugal and the United Kingdom. At the end of 2013, Wolf Group companies employed 270 people in total. The sales turnover of the companies belonging to the Group amounted to 86 MEUR in 2013.