Concentric agrees to acquire Licos

Concentric AB (“Concentric”) has today entered into an agreement to acquire all the shares in Licos Trucktec GmbH (“Licos”), a leading producer of electromagnetic clutches for water pumps and fan applications within the truck industry, complimentary to Concentric’s current product range and end markets. The total purchase consideration for Licos, on a debt free basis, is approximately EUR 12.5 million, largely financed by cash but also including Concentric own shares to the value of EUR 0.5 million based on the current share price.

The acquisition of Licos is conditional upon the positive outcome of certain contractual matters, which Concentric expects to be resolved within the next two weeks. Concentric intends to make a further press release at this point, when the transaction has been formally completed.

About Licos

Licos is a leading producer of electromagnetic clutches for water pumps and fan applications within the truck industry, with belt drive components for heavy-duty diesel engines completing its product portfolio. As an experienced user of advanced laser manufacturing technology, Licos can tailor its products to customer specification. For the financial year ended 31 December 2012, sales amounted to EUR 14 million with an EBIT margin of 1.8%. Licos employs around 55 people from a single production and engineering facility based in Markdorf, Germany. Further information about Licos is available from the company’s website www.licostrucktec.com.

For further information, please contact David Wolley, CEO of Concentric, or David Bessant, CFO of Concentric. Tel :  +44 121 445 6545

Tags: