Indo buys out Schulz

Indo, since February 2001 owner of 25% of German companies Schulz Kg and Schulz GmbH, has acquired the remaining 75% for 2.5 million euros. The acquisition came into effect January 3.

Schulz manufactures and distributes ophthalmic lenses in the German and Danish markets, it is based in Glücksburg, employs 110 people and at end November 2004 its billings were 5.2 million euros.

The acquisition is part of the Indo Group's international market expansion strategy. Recently, it increased its shareholding in Italy's Diamonex CB Medical (from 50.1 to 80.68%) and acquired 51% of the Optical Equipment Group in the United States.