Addtech acquires Codan Tech
Betech Seals A/S, a subsidiary within the Addtech Group, has today signed an agreement to acquire all shares outstanding in Codan Tech A/S. The Seller is Roulunds Holding A/S, a subsidiary within the A.P. Møller - Mærsk Group.
Codan Tech manufactures and sells customised moulded and extruded rubber parts, primarily for Danish based manufacturers within machine, food and medi-tech industry. The company will give Betech Seals an expanded market presence in growing market segments and will also add significant materials and application know-how to Betech Seals. The company has revenue of 85 million Danish kroner.
The closing takes place today and the acquisition is estimated to have a minimal effect on Addtech's earnings per share during the current financial year.
Stockholm, 25 January 2008
Addtech AB (publ)
For further information, contact:
Johan Sjö, President, Addtech AB, + 46 8 470 4900
Claus Bernhard Nielsen, President, Betech Seals A/S, +45 20 75 75 30