Lagercrantz Group acquires Leteng AS
Lagercrantz Group AB has today acquired 95 % of the shares in the Norwegian company Leteng AS. The remaining 5 % of the shares will be kept by the Managing director of Leteng, Odd Martinsen.
Leteng is a value-creating distributor of hardware for A/V, data, and network communication products. The company offers a niche line of products combined with high technical competence and service. Leteng had sales 2009 of MNOK 56 with good profitability.
"Leteng is an interesting addition to our access area within Division Communications. The company has a strong market position in its niche in Norway and has good prospects for continued progress both in Norway and also by cooperating with the Group’s subsidiaries in Sweden, Finland and Denmark” says Jörgen Wigh, President and CEO of Lagercrantz Group.
Odd Martinsen, MD of Leteng AS: “With Lagercrantz as owner, Leteng gets a long-term owner which provides opportunities for growth and further expansion.”
Leteng will be part of Lagercrantz’ division Communications. The fulfilment of the transaction is conditional on certain conditions, such as the approval of the Competition Authority. The acquisition is expected to provide a small, positive contribution to earnings per share during the 2010/11 financial year, ending in March 2011.
Lagercrantz has during 2010/11 so far acquired businesses with yearly revenue of approximately MSEK 200.
Stockholm July 1, 2010
Lagercrantz Group AB (publ)
For additional information, please contact:
Jörgen Wigh, President & CEO, Lagercrantz Group, telephone +46 8 700 66 70, or the company website at: http://www.lagercrantz.com
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or according to the agreement with NASDAQ OMX Stockholm Exchange. The information was submitted for publication on 1 July 2010 at 13.15.
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LAGERCRANTZ GROUP IN BRIEF
Lagercrantz Group is a technology group in electronics, electrics, communication and adjacent areas. The Group operates in a decentralised mode with value-creating sales in close proximity to its customers and markets and has a leading position in several expansive niches.
Operations are organised in three divisions. Division Electronics is primarily involved in marketing solutions in wireless industrial communication and embedded systems. Division Mechatronics offers electro-mechanical components and production of cable harnesses, electrical connection, electrical installation material and guy wires and road barrier ropes. Division Communications provides solutions in digital image transmission/technical security, design software and access products. Manufacturing companies are the primary customers. Lagercrantz is today represented in eight countries in Northern Europe, and in China.
The Group has sales of just short of MSEK 2,800 and has approximately 600 employees. Lagercrantz is listed on NASDAQ OMX Stockholm Exchange, segment Small Cap. Additional information is available at www.lagercrantz.com.