Georg Fischer AG (GF.SW), a Swiss provider of piping systems, casting, and machining solutions, announced on Wednesday that the firm has completed the acquisition of VAG-Group, a German manufacturer of metal valves for the water utility industry.
The transaction value of approximately 200 million Swiss Francs was financed through operating cash flow and proceeds from the divestment of GF Machining Solutions announced in July.
VAG-Group will be part of the GF Industry and Infrastructure Flow Solutions division, and its results will be included in Georg Fischer's consolidated financial statements from October 1.
Georg Fischer said the acquisition strengthens its market presence in the infrastructure sector, particularly in Europe and the Middle East.
Andreas Müller, GF CEO, said, "The acquisition of VAG-Group is an important step in making GF a global leader in Flow Solutions, delivering end-to-end solutions that help customers renew aging infrastructure and build resilient water networks for the future."
On Wednesday, GF shares were trading 0.08% higher at 62 Francs in the Swiss market.
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