A Merseyside group making insulation materials has increased its European market share after acquiring a Hungarian firm.
The AEV group is a leading manufacturer of insulating resins and compounds for the electrical industry worldwide, and has acquired a 100% equity share of Korax Kft, based in Leányvár.
Korax makes insulation materials known as resins for the electrical industry, and has been bought by the Birkenhead firm.
Jonathan Kemp, CEO of the AEV Group, said: “The acquisition of Korax will allow our existing customers access to a range of products not traditionally available from AEV and will further expand our market share in European markets."
According to the firm, the purchase of Korax means a "geographical spread into Eastern Europe", where AEV has not been present.
It also brings expertise into the market of Electrical Epoxy Casting resins, where the firm says there is a "large global market".
József Gajda, CEO of Korax, told Business Live: ”With my retirement on the horizon and In the interest to further develop Korax Kft, I considered it necessary to join an organisation with an International Network.
"The AEV Group is making a great contribution to this development and it is a great pleasure that our products also contribute to the expansion of the AEV Group. For my part, in the coming period, I will continue my professional activity at the AEV Group, ensuring a smooth transition.”
Korax will continue to operate under its current name but will become a 100% wholly owned subsidiary of AEV Holdings Ltd in the UK, being integrated into the AEV brand over time.
