AXA of the Netherlands is to absorb the Basta Group of Denmark. According to a press release from Basta UK, AXA paid approximately EUR12.5 million worth of shares for the Danish group. The new combo will have a turnover of EUR66.4 million (based on 1998 figures) and 540 employees.
The Basta Groups current MD Lars-Erik Wulff will remain head of the Basta division, a brand name which wont disappear.
The absorption gives AXA a prominent position in European bicycle lighting, strengthens its position on the European bike lock market, widens its product range, increases its sales channels through Basta's European sales offices and brings cost advantages through a stronger purchasing position and the streamlining of production.
Basta used to produce lighting under the brand names Soubitez and Union. AXA Stenman N.V is headed by Cees Oosterhoorn.
A joint press release from Oosterhoorn and Wulf says that the takeover will enable AXA and Basta to offer their customers a better service with an extensive range of bicycle locks and bicycle lighting.
There are no reported job losses.
Basta UK is based in Sale, Cheshire.