Twintec AG (XTRA:TIN) agreed to acquire Kontec GmbH for €7.4 million in stock on September 28, 2015. In 2014, Kontec GmbH generated revenue of €34 million and EBITDA of €1.7 million. Kontec founder and Managing Director Klaus Bansch will be appointed to the Management Board of Twintec AG effective October 1, 2015 and assume the position of Chief Technical Officer. In return Armin Rosbach will resign as Chief Financial Officer. The transaction is expected to be completed early in the fourth quarter of 2015.

Twintec AG (XTRA:TIN) completed the acquisition of Kontec GmbH on October 25, 2015.