Lindab to acquire Irish Ventilation firm
Lindab, provider of ventilation and construction systems, today announced that it has signed an agreement to acquire Aervent Group, an Irish supplier of products and services for air-duct systems and air movement. The purchase price amounts to EUR 7.36 million, debt-free. The acquisition will be consolidated into the Lindab Group as of 1 October 2007.
Aervent Group is a leading ventilation company serving the non-residential construction market in Ireland. It employs around 30 staff and is located in Dublin and in Cork. The company generated net sales of EUR 12 million and recorded an operating profit (EBIT) of EUR 0.9 million in the twelve-month period ending 30 June 2007.
Ireland is the fastest growing economy in Western Europe and the annual growth forecast for the non-residential construction market[1] is around 10 percent over the next few years. Through the acquisition, Lindab will become the leading provider of ventilation products to the Irish market.
Lindab expects to benefit from several synergy effects through combining the businesses. "Aervent has an excellent reputation for its expertise and customer service. Our plan is to build on this and add the range of Lindab's flagship products," says Hannu Paitula, Business Area Manager, Ventilation.
"We are delighted to enter the thriving Irish market, which is a new market for us, " says Kjell Åkesson, CEO, Lindab Group. "This deal represents yet another step in our strategy to accelerate growth in the circular duct business outside of the Nordic countries and it strengthens our position in Western Europe," concludes Kjell Åkesson.
Ends
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the laws for Stock Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act.
Contacts:
LINDAB
Kjell Åkesson, CEO
Email: kjell.akesson@lindab.com
Tel. +46 (0)431 850 00 / 850 07
Hannu Paitula, Business Area Manager, Ventilation
Email: hannu.paitula@lindab.com
Mobile: +41 797392388
Email: hannu.paitula@lindab.com
Mobile: +41 797392388
Nils-Johan Andersson, CFO
Tel. +46 (0)431 85075
About Lindab:
Lindab is an international group that develops, manufactures and markets sheet metal products and system solutions for the construction sector.
The two business areas, Profile and Ventilation offer complete solutions for construction systems and indoor climate, as well as individual construction and ventilation components for all types of buildings.
Lindab is listed on the Stockholm Stock Exchange, Nordic Large Cap under the ticker "LIAB".
The Lindab group has approximately 5,000 employees in 29 countries and generated sales of SEK 7,609 million in 2006. Its head office is located in Grevie near Bastad in southwestern Sweden. For more information visit www.lindab.com