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MFC Industrial Ltd. Message Board

  • dickeypiper1 dickeypiper1 Mar 11, 2014 9:31 AM Flag

    Another acquisition announced

    revenue of $160 million

    PR does not give the purchase price

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    • Synergistic with FESIL. I like it.

    • the price is "nominal", that usually means a few dollars and assumption of liabilities.
      FJ Elsner is a subsidiary of Raiffeisen Bank that is/was in financial difficulties (this was obviously the one Smith has been talking about for several quarters regarding "assets that banks need/want to get rid of". I was already suspecting it was something coming from Raiffeisen given the several years of good relations with MFC. Elsner was a huge trading operation before the wall came down, facilitating trade with the countries of the eastern bloc, something like Mitsui, Itochu or Marubeni in Japan. However, they have been in decline ever since the end of the cold war, with several costly failures (cooling warehouses in eastern europe, clothing etc). Now they mainly do steel and petrochemicals, which fits well with MFC trading.

 
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