Freudenberg and HitecVision sign Share Purchase Agreement for Vector Technology

The Freudenberg Group, headquartered in Weinheim, Germany, and HitecVision, a private equity company headquartered in Stavanger, Norway, signed a Share Purchase Agreement for 100% of the outstanding shares of Vector Technology Group. Headquartered in Lysaker, Norway, Vector is a major global supplier of high integrity sealing solutions for the oil and gas industry.
“As part of our global expansion strategy, Freudenberg wants to strengthen its oil and gas business,” Mohsen Sohi, speaker of the Freudenberg Board of Management, said. The company, which employs 280 associates worldwide, is expected to generate sales of €80 million (US$106.5 million) in 2012. The acquisition is awaiting the approval of the Norwegian anti-trust authority. (December 11, 2012)