German lubricant marketer Liqui Moly announced last week that it had been acquired by Adolf Wuerth GmbH & Co. in a deal intended to ensure stability for Liqui Molys future.
Liqui Moly, which is based in Ulm, Germany, announced Dec. 27 that CEO Ernst Prost had sold his company shares to Wuerth Group, which according to the statement has been a silent partner in Liqui Moly for almost 20 years. The companies did not disclose the value of the deal, the number of shares sold by Prost nor the number of shares that Wuerth owned before the sale.
Prost said he sold his shares in anticipation of a time when he will step down from leading the company and that he chose this time because Liqui Moly is healthy financially.
I wanted to make provisions with a minimum of fuss, when things are going well and we dont have to decide under difficult circumstances, he said in a press release.
Liqui Moly recently announced that it recorded sales revenue of more than 500 million for the first 11 months of 2017, which represented a doubling of its sales in the past eight years. In an open letter to employees, Prost said the company has no debts, an equity ratio of 80 percent and has posted profits of more than 40 million per year for the past three years.
Wuerth is based in Kunzelsau, Germany, and has more than 80 subsidiaries involved in fasteners, screws, dowels, chemicals, electronic and electromechanical components, furniture, tools, machines and automotive hardware. It has more than 70,000 employees and annual sales of 12.5 billion.
The companies said Liqui Moly will remain a stand-alone company under Wuerth and that the transaction will not affect operations. Prost remains CEO of Liqui Moly.