VEENENDAAL, Netherlands (20 January 2000)--The Dutch manufacturer of bike locks AXA has taken over the Danish Basta Group A/S. AXA paid approximately EUR12.5 million for the Danish group, which sells bicycle locks and lighting under the Basta brand name. Combined the companies had a 1998 turnover of EUR66.4 million and 540 employees
The takeover by AXA Stenman Industries, listed on the Amsterdam stock exchange, will have no negative consequences for employees. Current director Lars-Erik Wulff will remain head of the Basta brand, which will continue to be used on the market.
The takeover gives AXA a prominent position in the European bicycle lighting market, reinforces its position on the European bike lock market, expands its total assortment, increases its distribution channel through Basta's European sales offices and delivers cost advantages through a stronger purchasing position and the streamlining of production.
Basta was established in 1936 and is headquartered in Korsor, Denmark, with production sites in Denmark (locks) and France (lighting) and sales offices in Benelux, Germany and England. In 1998 the company recorded a turnover of EUR23.8 million and a profit of EUR1.2 million. Up until a few years ago the company produced lighting under the brand names Soubitez and Union.
AXA Stenman is headquartered in Veenendaal, the Netherlands, and has production sites in Veenendaal, Edam (Netherlands) and Sjewierz, Poland. In 1998 the company had a turnover of EUR42.6 million. Axa Stenman is headed by Cees Oosterhoorn. (JW)