Bulten acquires industrial and office property in Hallstahammar
Bulten AB (publ) has, via a subsidiary, signed an agreement with Söderport Fastigheter AB, which AB Sagax (publ) owns equally with Hemfosa Fastigheter AB, to acquire an industrial and office property designated Hallstahammar Hallsta 3:7 (the “Property”) in which Bulten currently conducts its operations in Hallstahammar. The acquisition is taking place indirectly through the acquisition of all the shares in Söderport HallstahamHall AB (the ”Property company”). The underlying value of the Property agreed by the parties amounts to SEK 116.3 million. The total preliminary purchase price for the indirect acquisition of the Property amounts to SEK 113.3 million. In connection with the acquisition Bulten will utilise a property credit of SEK 55 million of the total general credit of SEK 460 million from current creditors.
Bulten has been conducting operations for many years in Hallstahammar at the current Property and is today the head tenant of the Property. The tenantship with the seller will be terminated when the acquisition is concluded.
”The acquisition of the Property is a strategically correct deal that strengthens Bulten's long-term competitiveness. At the same time it will have a positive impact on Bulten’s results with an annual operating profit improvement of approximately SEK 8 million already from 2016. The deal will annually improve the business’ operating cash flow with SEK 13 million,” says Tommy Andersson, Bulten’s President and CEO.
The preliminary purchase price will be paid in cash on the closing which will take place on 1 December 2015. Of the preliminary purchase price of SEK 113.3 million, SEK 103.4 million represents the purchase price of the shares and SEK 9.9 million represents a refunding of the Property company’s debt to Söderport Fastigheter AB. The final purchase price will be adjusted on basis of the actual outcome of the confirmed closing accounts.
For further information, please contact:
Tommy Andersson, President and CEO, Bulten AB
Helena Wennerström, EVP and CFO, Bulten AB
Tel: + 46 31-734 59 00, e-mail: media@bulten.com
Bulten discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13:00 CET on October 22, 2015.
Bulten AB (publ) is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to specialist, customized fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. Bulten AB (publ):s share is listed on Nasdaq Stockholm. Read more at www.bulten.com.
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