Addtech acquires Eurolaite Oy
Addtech Equipment, a business unit in the Addtech Group, has today signed an agreement to acquire all shares outstanding in Eurolaite Oy. Sellers are Tuula and Hannu Hämäläinen.
Eurolaite sells equipment for electricity distribution, mainly to Finnish electrical network operators and distributors. The company represents world-leading suppliers and has a strong position in its customer and product segments. The acquisition constitutes an important supplement in terms of products and geographic coverage to the Addtech Group's operations in the field of components for electrical power, an area where the Group already has operations through its subsidiaries Gevea and Beving Elektronik. Eurolaite has revenue of 3 million euro and has five employees. Hannu Hämäläinen will remain in the capacity of chief executive of the company.
The closing takes place today and the acquisition is expected to have a marginally positive effect on Addtech's earnings per share during the current financial year.
Stockholm, 1 February 2008
Addtech AB (publ)
For further information, contact:
Johan Sjö, President, Addtech AB, +46 8 470 4900
Åke Darfeldt, President, Addtech Equipment AB, +46 708 870 515