ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH PROTANG AB
ETTEPLAN OYJ STOCK EXCHANGE RELEASE 7 February 2005 13.00 p.m. 1(1)
ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH PROTANG AB
Etteplan Oyj has today signed an agreement according to which the
company acquired a majority stake in Swedish Protang AB. In 1995
established Protang provides mechanical and equipment design services
and plant design especially for the mechanical engineering industry
as well as maintenance and rationalization design for nuclear power
plants. The annual net sales of the company amount to more than
EUR 12 million and it currently employs 165 persons. The company has
four offices in Sweden, in Västerås, Malmö, Örebro and Uppsala.
The management of the company are the sellers from whom Etteplan buys
70 % share of ownership and a corresponding share of voting right in
the company. The contract price is EUR 2,5 million. 60 % of the
transaction is made in form of share swap for which Etteplan will
prepare a share issue and the remaining 40 % will be paid in cash.
Mr. Tom Andersson, the Managing Director of Protang, the management
and the entire personnel continue in their tasks in the company as
former employees. The agreement between Etteplan and the sellers
includes an option according to which Etteplan can at a later date
increase its' share in the company. The final purchase prices will
be defined according to the result development of Protang AB.
Protang AB's net sales in 2004 amounted to more than EUR 12 million
and EBITA in 2004 to EUR 0,170 million. Within the past three years
Protang AB's net sales has grown mildly and the EBITA level has been
on average slightly positive. The low profitability of the company
has been mainly due to low volume of orders from the key customers.
The market situation has already improved in this respect and it is
expected to heal further during 2005. Protang AB's total assets at
31 December 2004 stood at EUR 3,7 million.
With the new co-operation Etteplan and Protang expect to be able to
significantly improve their customer service. The geographical scope
of services improves as Protang offices join Etteplan's marketing
network. In the future the Group's services can also be offered in
the Västerås and Öresund industrial centres. The comprehensiveness
of services provided will improve when Etteplan's already strong
supply in electronics and wood-processing fields in Sweden is
completed by Protang's know-how especially in the electrical and
automation design as well as plant design and energy fields. After
the transaction the Etteplan Group employs more than 300 persons
in 12 units in Sweden. Etteplan's market position in Sweden will
strengthen significantly and it is expected to accelerate company's
growth in the Swedish design market.
Etteplan Oyj is one of Finland's leading engineering design companies
and supplies high-quality design services for the production and
product development processes of industrial technology. The core
areas of expertise are mechanical engineering and automation design
as well as software development, electronics design and EMC-services.
In 2003, turnover of Etteplan Group was EUR 51 million. At the moment
the company employs more than 1000 persons in Finland, Sweden, Germany,
Italy and China. Etteplan's shares are listed on the Helsinki Exchanges.
The company will publish the Financial Statement bulletin on
February 17, 2005.
Hollola, 7 February, 2005
Etteplan Oyj
Board of Directors
For additional information, contact:
Etteplan Oyj, CEO Heikki Hornborg, tel. +358 3 872 9011,
GSM +358 400 873 063, Executive Vice President Jukka Rausti,
tel. +358 9 7598 7711, GSM +358 400 612 463 or Protang AB,
Managing Director Tom Andersson, tel. +46 70 568 0732.
DISTRIBUTION: Helsinki Exchanges
Principal media
www.etteplan.com
