CTS is to acquire TECS International Holding and TECS Netherlands, effective January 1, 2020.
The acquisition includes the TECS offices in The Netherlands, Malaysia, Singapore and Indonesia. CTS will continue all TECS-activities with respect to aluminium domes, tank seals, internal floating roofs and other storage tank related product lines and services.
“This acquisition is realised by the shareholders in both companies as they are convinced it will ensure the best possible future support for our customers,” CTS said in a statement.
As of January 1, CTS Netherlands or another local CTS Group company will execute orders and contracts awarded to TECS Netherlands or other TECS entities under the agreed terms and conditions. CTS will also be supporting any pending quotations as issued by TECS before this date.
Gert van Meijeren as current shareholder and CEO of TECS will obtain a shareholder position in CTS, after having been responsible for founding and developing CTS since 2004. With immediate effect Gert van Meijeren will also be appointed as CEO for the CTS Group. Jacco van der Kamp, the current CEO of CTS, will step down.
“We would like to express our gratitude to Jacco for his dedication in serving CTS’ interests during his employment with us,” CTS said in a statement.