History (1998): Kohap Sells Emtec to UK VC

Problems encountered by Asian companies led them in selling their assets.

That’s how Kohap, a Korean company sold last September 15 Emtec Holding GmbH (formerly BASF Magnetics) to a consortium of investors owned by LGV, Legal & General Ventures Ltd., London, UK.

External financing was provided by Deutsche Bank AG.

The former BASF Magnetics was bought by Kohap from BASF AG 2 years ago.

The new owners intend to turn Emtec into a public company within the next 3 years.

In 1997, the group’s turnover stood at DM1.5 billion with a pretax profit of DM39 million. For 1988, sales of DM1.6 billion is projected with the same profits. The company predicts revenues of DM2.2 billion by the year 2001.

Emtec employs some 3,000 people WW with 5 plants, 16 subsidiaries and 39 distribution agents.

This article is an abstract of news published on issue 129 on October 1998 from the former paper version of Computer Data Storage Newsletter.