Momentum Group acquires Lindström Group’s PPE business in Finland
TOOLS Finland Oy, a subsidiary in the Momentum Group, has today signed an agreement to acquire Lindström Group’s personal protective equipment (PPE) business in Finland. The acquisition further strengthens TOOLS’ position as a leading supplier of tools, PPE and related services to Finnish industry. The acquired business generates annual revenue of approximately MEUR 6.2 with healthy profitability and five employees. The acquisition will be conducted as a conveyance of assets and liabilities.
The acquired PPE business offers a wide range of products for personal protection, such as gloves, fall protection, footwear, helmets, protective clothing, etc. – with the aim of improving occupational safety in the workplace. The customers include industrial, construction, service, retail and transportation companies as well as local municipalities in Finland. The product offering includes both proprietary and external brands. The business offers easy restocking (shelfing) service as well as standard ordering service.
“The acquired business is well-established, with good customer relationships and dedicated employees with a high level of expertise in the personal protection area,” says Ulf Lilius, President & CEO of the Momentum Group. “The acquisition will enable TOOLS to further strengthen its service level, know-how and availability for new and existing customers – and we anticipate good opportunities for further development and growth.”
“When deciding to divest our PPE business, it was critical for us to find a strategic, long-term partner that is dedicated to develop the PPE business further and committed to deliver the service to our current and future customers,” says Juha Laurio, President & CEO of Lindström Group. “Divesting the operations to a well-established player will make it possible to continue offering a high level of service for our customers in connection with Lindström workwear service as well as secure positive development opportunities for the employees.”
Closing is scheduled to take place in the beginning of April 2019. The acquisition is expected to have a marginal positive impact on Momentum Group’s earnings per share during the 2019/20 financial year.
Stockholm, 5 March 2019
Momentum Group AB (publ)
For further information, please contact:
Ulf Lilius, President & CEO – Tel: +46 10 454 54 70
Mats Karlqvist, Head of Investor Relations – Tel: +46 70 660 31 32 / e-mail: email@example.com
This information was submitted for publication on 5 March 2019 at 13:45 CET.
Momentum Group is a leading reseller of industrial consumables and components, service and maintenance to professional end users in the industrial and construction sectors in the Nordic region. The Group has annual revenue of approximately SEK 5.9 billion and approximately 1,700 employees. Momentum Group AB (publ) has been listed on Nasdaq Stockholm since June 2017. Read more at www.momentum.group.