Spiceland-based Draper Inc. has announced the sale of its Swedish subsidiary. The company says Draper Europe AB, which manufactures projection screens, awnings and window coverings, will now operate under the ownership of its current management team.
Financial terms of the deal were not disclosed. Led by Managing Director Tomas Andersson, Draper Europe will continue to operate under the Draper brand this year, though the company did not specify if that will change next year.
“During the 25 years I’ve worked within the company, we have had an incredible journey,” Andersson said in a news release. “Under the ownership and guidance from Draper we have had stable growth over the years and diversified into the Nordic awnings and shades markets during 2012. With this background and with the acquisition into local ownership we will continue to develop and grow our position.”
Draper Inc. acquired the company in 2002. President Chris Broome says the sale will allow the Henry County company to invest in its Indiana manufacturing operations.
Draper Inc. is a manufacturer of window shades, audio visual and gymnasium equipment.