OEM International AB acquires Elektro Elco AB
OEM International is acquiring all the shares in Elektro Elco AB in Bankeryd, Sweden with possession from 17-11-2008. Elektro Elco AB markets lighting products and material for electrical installations. Their own brand “Hide-a-lite” and the agency Legrand are the most familiar. The company, which has 35 employees, is expected to have a turnover of around MSEK 100 in 2008. In 2007, the company had a turnover of MSEK 92, with a profit before tax of MSEK 9.
Hide-a-lite is the market leader within modern interior lighting and is well established among electricians. This acquisition will strengthen OEM’s position on the installation market, while also providing the potential for broadening the geographical base of market canvassing with Elektro Elco’s product range.
The acquisition cost amounts to MSEK 62 plus a maximum additional purchase sum of MSEK 10.
The acquisition is not expected to have any impact on the group’s profit for the current year.
This information is of the type that the company is obliged to publish in accordance with the Swedish Securities Market Act. The information was made public on 13 October 2008 at 08.00 Swedish time.