Rubber compounding specialist SPC Europe Ltd has announced today that it has acquired the assets of the Barcelona-based rubber compounder, IACP JEVSA, S.A (Jevsa). The deal secures the future of Jevsa, which has been in financial difficulties since 2008.
The acquisition marks the latest chapter in the story of SPC’s growth, whose position as a global market leader marks it out as a UK manufacturing success story. SPC revealed that it has been negotiating with the Administrator for some months and finally closed the deal at midnight on 25 July 2013.
SPC confirmed the Jevsa business will continue to operate at the same facility in Barcelona, with the same employees, under the new name SPC Jevsa SA. This new company will operate free from the debts which crippled the former Jevsa business.
Paul Hallas, Operations Director SPC, said: “We are delighted to have closed this deal. Jevsa has been operating profitably for some years, but was insolvent because of bad debts and high interest payments. We have not taken on the debts, but we have taken on the people and the equipment of the company”. Jevsa operates three mixing lines with inline straining, with a total capacity of up to 44,000 tonnes of compound annually. All lines have been modernised in the last five years.
He continued, “We will continue to operate the business unchanged with the same people. It is business as usual. The business can now concentrate on its customers and continue to provide a high-level of service and technical support to its customers.”