Gunnebo divests the Troax Group
Gunnebo Security Group has signed an agreement to divest all shares in its fully-owned subsidiary Gunnebo Troax AB with subsidiaries to Accent Equity 2008. The divestment is expected to be finalized in December 2010.
The enterprise value of the Troax Group amounts to approximately MEUR 41. The purchase price amounts to approximately MEUR 31.
Troax has its headquarters in Swedish Hillerstorp, has an annual turnover of some MSEK 500 Mkr and slightly under 300 employees in 15 countries. Troax develops, manufactures, markets and sells a wide assortment of industrial panel and partition systems. The assortment is being sold in the three segments Machine Protection, Material Handling & Logistics and Property Protection & Storage. Troax has been part of the Gunnebo security Group since 1994.
The divestment of the Troax Group is carried out in light of Gunnebo’s new strategy, focusing on businesses within the customer segments Bank Security & Cash Handling, Entrance Control, Secure Storage and Services.
”In order to increase our profitabililty and growth, we need to focus on the core businesses we have identified in our strategy”, says Gunnebo’s President & CEO Per Borgvall. ”With Accent Equity 2008 as owners, the continuous development of Troax’s business has been secured. At the same time the acquisition gives Gunnebo space for expansion within our core businesses.”
Troax net sales during the first nine months of the year amounted to MSEK 350 and the divestment is expected to result in capital in the fourth quarter of approximately MSEK 100.
GUNNEBO AB (publ)
Per Borgvall, President & CEO Gunnebo AB, tel. +46 31 86 38 00, or
Karin Wallström, Communication Manager Gunnebo AB, tel. 46 31 83 68 06, mobile: 46 708 28 33 39, or e-mail email@example.com
Gunnebo discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.01 CET on November 11, 2010.
Gunnebo Security group has an annual turnover of MEUR 640 and 5,900 employees. We are suppliers of integrated security solutions for bank, retail and sites in need of high security protection. Our experience and presence make your world safer.