Addtech acquires Arruti Group
Addtech Energy a business area in the Addtech Group, has today signed an agreement to acquire 100 % of the shares outstanding in Arruti Group (“Arruti”)
Arruti Group consists of four companies that develop, manufacture and sell components as well as equipment components for electrical transmission lines and substations. The company is well established as a supplier to grid operators in Europe, parts of South America and Canada. Arruti Group is headquartered in Bilbao, Spain, has 90 employees and annual sales of approximately EUR 27 million.
Arruti Group complements very well the operations of Addtech Energy, which offers solutions for high-voltage grids.
"Arruti elevates our position from being a Nordic, to becoming a global player, in materiel for high-voltage transmission lines and substations. The acquisition positions us to become a leading supplier to grid owners, ahead of the major reinforcement and expansion projects of electric transmission lines that will be required to meet the increasing demand for electrical energy", says Hans Andersén, Business Area Manager Addtech Energy.
"The Arruti family has run this group of companies for three generations. When evaluation of a new owner was made, the choice fell on the Addtech Group. Addtech's decentralized way of running its companies and the knowledge that exists around products, production and the market means that we feel safe in handing over the legacy our family has built up", says Nestor Arruti, representative of the owner family.
The closing will take place today and is estimated to have a marginally positive effect on Addtech’s earnings per share during the current financial year.
Stockholm, June 3, 2022
Addtech AB (publ)
For further information, contact
Niklas Stenberg, CEO, Addtech AB, +46 8 470 49 00
Hans Andersén, Business Area Manager, Addtech Energy, +46 70 67 71 709
Addtech is a technical solutions group that provides technological and economic value added in the link between manufacturers and customers. Addtech operates in selected niches in the market for advanced technology products and solutions. Its customers primarily operate in the manufacturing industry and infrastructure. Addtech has about 3,500 employees in more than 140 subsidiaries that operate under their own brands. The Group has annual sales of more than SEK 14 billion. Addtech is listed on Nasdaq Stockholm.
This information was submitted for publication on June 3, 2022, at 10:40 a.m. (CEST).