ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH GESAB AB
ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH GESAB AB
Etteplan Oyj has today signed an agreement according to which the company
acquired a majority stake in Swedish Gesab AB.
Gesab, established in 1985, and its' subsidiaries is one of the leading
providers of industrial consultancy services, primarily within product
development and industrial engineering mainly for the automotive, aerospace and
household industries. The Gesab Group has offices in Gothenburg, Kalmar,
Linköping, Trollhättan, Eskilstuna, Stockholm and Budapest, Hungary. Presently
the number of employees amounts to 240 people.
In 2006 Gesab's consolidated revenue amounted to SEK 163.5 million and the
consolidated operating profit to SEK 10.5 million. Gesab's total assets at 31
December 2006 stood at SEK 53.3 million. During the past years Gesab's business
operations have grown significantly with increasing profits as a result. The
company is expected to grow and the profitability is expected to remain on good
level also during 2007.
At the time of the signing of the contract Etteplan buys 58.0% of the shares and
73.4% of the voting rights from the sellers which are the main owners of the
company. The main owners have also negotiated conditions through which the minor
shareholders can accede to the contract in which case Etteplan's share of
ownership could increase to 100%. The purchase price for 100% of the shares in
Gesab AB will amount at the most to SEK 82 million. The definitive purchase
price will depend on Gesab's equity position as per 30 June 2007 as well as the
financial performance during 2007. The consideration will be paid in cash. The
closing of the transaction is expected to take place in September.
Following closing of the transaction Gesab will become a part of Etteplan's
Swedish operations. Gesab is planned to continue as its own entity within the
Etteplan Group and to develop its business according to jointly developed
strategies and direction.
According to Mr. Heikki Hornborg, the CEO of Etteplan the acquisition supports
company's growth strategy in the Scandinavia. It further strengthens the group's
competence and market position especially as a supplier in the automotive and
aerospace industries in the Nordic Countries. Gesab's operations significantly
support the service to Etteplan's existing key customers and as a consequence of
the acquisition Etteplan can provide its customers significantly widened service
offering. In addition the transaction further strengthens the realization of
synergies between Etteplan's Swedish companies. The number of Etteplan Group's
personnel in Sweden increases as a consequence of the transaction to nearly 900
persons.
For Gesab AB becoming a part of a larger design sector group provide better
possibilities to carry out comprehensive design projects, to develop and widen
the operations and to expand the client base. As a consequence of the
transaction the company's position in the market will strengthen.
Etteplan is one of the largest companies in the Nordic Countries providing
industrial technology design and expert services. The company supplies
high-quality services for its customers for production and product development
processes. The core areas of expertise are mechanical engineering, automation
design and information design as well as software development and electronics
design. In 2006, revenue of Etteplan Group was EUR 101.7 million. After the
transaction the Etteplan Group employs close to 2 000 persons in Finland,
Sweden, Germany, Italy, China and Hungary.
Hollola, 4 July, 2007
Etteplan Oyj
Board of Directors
For additional information, contact:
Etteplan Oyj, CEO Heikki Hornborg, tel. +358 400 873 063,
Executive Vice President Jukka Rausti, tel. +358 400 612 463 or
Gesab AB, Managing Director Janos Rakai, tel. +46 705 21 48 02
DISTRIBUTION: Helsinki Stock Exchange
Principal media
www.etteplan.com
