Addtech acquires Control Cutter AS
Addtech Industrial Solutions, a business area in the Addtech Group, has today signed an agreement to acquire 89 % of the shares outstanding in Control Cutter AS (”Control Cutter”).
Control Cutter provides leading technical solutions to the global offshore market for the decommissioning of oil and gas wells. Through its patented solutions the company offers efficient, safe and reliable conductor recovery and subsea cutting. Control Cutter has 18 employees and a turnover of approximately NOK 160 million with headquarters in Tananger, Norway.
“Control Cutter’s leading technical solutions with focus on sustainability, complements and strengthens Addtech's existing operations within the Industrial Solutions business area in a very good way”, says Daniel Prelevic, business area manager Industrial Solutions.
“The acquisition enables a new chapter for Control Cutter, bringing in industrial experience and financial strength, enabling us to expand our reach within the market and enhance our offerings to clients”, says Petter Birkeland, founder of Control Cutter.
The closing will take place at the end of October. The acquisition is expected to have a marginally positive impact on Addtech's earnings per share during the current financial year.
Stockholm, October 20, 2023
Addtech AB (publ)
For further information, please contact
Niklas Stenberg, President of Addtech AB, +46 470 49 00
Daniel Prelevic, Business Area Manager, Industrial Solutions, +46 70 309 93 29
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 3,900 employees in more than 150 subsidiaries that operate under their own brands. The Group has annual sales of more than SEK 18 billion. Addtech is listed on Nasdaq Stockholm.
The information was submitted for publication, through the agency of the contact persons set out above, on October 20, 2023, at 1.00 p.m (CEST).