ITAB and NOTE in strategic industrial business transaction
ITAB Industri AB, listed on the Stockholm Stock Exchange, sells their electronic company to the fast growing group NOTE AB. The business transaction implies that ITAB will focus on the business areas Shop Equipment and Plastics, where they expect continued expansion. NOTE grows even stronger as a Swedish manufacturer of electronics.
Positive business transaction for ITAB ITAB will be a shareholder in the NOTE group since the consideration consists of 15000 new-issued NOTE shares. The turnover of the electronics business of ITAB is estimated to reach SEK 90 millions during 2003 with approx. 60 employees. The manufacturing is located in Nyköping and Skänninge, in Sweden. – This is a positive business transaction in total for ITAB that also includes a capital gain of approx. SEK 13 millions, verifies Sune Lantz, President of ITAB Industri AB. – We will obtain a more clear focus and make resources available for continued expansion within the other business areas. Furthermore, NOTE will be a strategic partner within the business area Plastics, Sune Lantz concludes. NOTE expands their activities NOTE AB has during the last years acquired a number of Swedish electronic industries and increased continuously, in turnover as well as in profit. After the acquisition NOTE will have a turnover amounting to over SEK 1.2 billions and approx. 800 employees in Sweden and the Baltic States. Sten Dybeck, chairman of the board of the NOTE group, is very pleased with the deal: – ITAB Elektronik AB is a very well-managed company and we have been interested in it for a long time. One of our strategies is to offer our customers proximity and the plants in Skänninge and Nyköping make us complete in coverage of important areas in Sweden, says Sten Dybeck. – The electronics business of ITAB will be developed in the same way as our other acquisitions, implying that the customers will have access to our international network and global purchasing. This business transaction will be of great value for us, ITAB, present and future customers, Sten Dybeck concludes. For further information, please contact: Sune Lantz, President, ITAB Industri AB, +46 70-676 47 00 Sten Dybeck, chairman of the board, NOTE AB, +46 708-55 18 00