Cardo acquires Denmark's leading dock equipment company
Cardo has signed an agreement to acquire all the shares in the Danish dock loading equipment company Miflex Miljöexpert A/S. The takeover of the business will occur on January 1 2001. Together with its subsidiary in Sweden, Milex Miljöexpert AB, Miflex has a turnover of approximately SEK 80 million and employs 36 people. Up to now, the company has been a distributor of Cardo Door's dock loading equipment in Denmark and Sweden.
Miflex Miljöexpert A/S is a profitable company with its main operation at the town of Horsens in Jutland. The company has a market leading position in Denmark in dock loading equipment and associated service and through its Swedish subsidiary Milex is one of the major players in the Swedish dock loading equipment market.
This acquisition, which is part of the Cardo Door business area's strategy for continued growth in the dock loading equipment area, makes Door the market leader in Denmark while it further strengthens its market leading position in Sweden.
Dock loading equipment includes dock levelers, shelters and load houses - products that contribute towards a working environment for loading and unloading that is rational, energy-saving and protected from the weather. These products can be supplied separately or together with industrial doors as complete dock loading systems.
Cardo Door, which has a turnover of approximately SEK 4.5 billion, is a business area in the Cardo group and is one of the world's largest manufacturers of industrial doors and Europe's leading supplier of dock loading equipment. Cardo Door is also the market leader in the service of these products and one of Europe's biggest manufacturers of residential garage doors.
This acquisition is expected to have a marginally positive effect on Cardo group earnings.
Malmö, Sweden, December 18 2000
Cardo AB (publ)
For further information, please contact:
Kjell Svensson, President and CEO, phone +46 40 35 04 53, +46 40 35 04 00
Sven-Erik Persson, Executive Vice President, phone +46 40 35 04 50, +46 40 35 04 00
Christer Roskvist, Head of Public Relations, phone +46 40 35 04 25, +46 40 35 04 00