ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH TIMATEC AB
Etteplan Oyj and the owners of Swedish Timatec AB have signed an
agreement according to which Etteplan acquires a majority stake in
Timatec. The company operates in Karlstad, Sweden providing
mechanical and automation design services especially for the
machinery and device manufacturers in the wood processing industry.
The annual net sales of the company in 2003 was 8,8 million SEK
and it employs currently 15 persons.
The management of the company are the sellers from whom Etteplan
buys 70 % share of ownership. The transaction is made in form of
share swap for which Etteplan will prepare a share issue. Mr. Anders
Magnusson, the Managing Director of Timatec, the management and the
entire personnel continue in their tasks in the company as former
employees. The agreement between Etteplan and the sellers includes
an option according to which Etteplan can at a later date buy the
rest of the share capital.
The agreement supports Etteplans internationalisation and follows
Etteplan's strategy according to which the company offers industrial
technology design services geographically close to its key customers.
Timatecs know-how and strong experience in machine and equipment
design strengthens Etteplans position in the region. Correspondingly
the preconditions for development and growth of Timatec improve.
Etteplan Oyj is one of Finland's leading engineering design companies
and supplies high-quality design services for the production and
product development processes of industrial technology. The core
areas of expertise are mechanical engineering, electrical engineering
and automation design as well as software development and electronics
design and EMC-services. In 2003, turnover of Etteplan Group was
51 MEUR. At the moment the company employs 942 persons in Finland,
Sweden, Germany and Italy. Etteplan Oyj is listed on the NM List of
Hollola, 10 June, 2004
Board of Directors
For additional information, contact: CEO Heikki Hornborg,
tel. +358 3 872 9011, GSM +358 400 873 063.
DISTRIBUTION: Helsinki Exchanges
Etteplan’s services cover engineering, technical documentation, embedded systems and IoT solutions. Our customers are the world’s leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers’ products and engineering processes throughout the product life cycle. The results of Etteplan’s innovative engineering can be seen in numerous industrial solutions and everyday products.
In 2016, Etteplan had turnover of EUR 183.9 million. The company has over 2,500 professionals in Finland, Sweden, the Netherlands, Germany, Poland and China. Etteplan's shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.