CTS Group has announced plans to acquire TECS International Holding and TECS Netherlands.
On January 1, 2020 both entities, including the TECS offices in the Netherlands, Malaysia, Singapore and Indonesia, will become part of the CTS Group. The company says it will continue all TECS activities with respect to aluminum domes, tank seals, internal floating roofs and other storage tank related product lines and services.
Shareholders in both companies are convinced that the acquisition will ensure the best possible future support for their customers. From January 1 CTS Netherlands or another in the CTS Group will execute orders and contracts awarded to TECS Netherlands or other TECS entities under the agreed terms and conditions.
Gert van Meijeren, as current shareholder and CEO of TECS, will obtain a shareholder position in CTS, after founding and developing CTS since 2004. Van Meijeren will be appointed as CEO of CTS Group. Jacco van der Kamp, the current CEO of CTS, will step down as of January 1.
CTS says in a statement: ‘We would like to express our gratitude to Jacco for his dedication in serving the CTS’ interests during his employment with us.
‘We are convinced that this step will not only benefit our customers but that it will also benefit our staff and suppliers. As such we do look forward to continuing our cooperation in future ensuring we will do everything possible to meet and expectations for all involved.’