PartnerTech acquires Vellinge Electronics

PartnerTech acquires Vellinge Electronics - doubling sales in IT/mechatronics PartnerTech and Skanditek Industriförvaltning AB have signed a letter of intent covering the purchase of all shares in Vellinge Electronics. Vellinge Electronics is a contract manufacturer of electronic products with annual sales of approximately SEK 500 million. The company has slightly more than 260 employees. Vellinge Electronics is situated in the south of Sweden. The company is a leading contract manufacturer of electronic products and has a high degree of expertise, advanced production methods and modern equipment. The acquisition follows a due diligence, an independent valuation and an Extraordinary General Meeting of PartnerTech's shareholders. The take- over is expected to take place during December 2001. PartnerTech's CEO, Mikael Jonson, emphasizes the fact that this acquisition strengthens the company's manufacturing operations and that the increased customer base will benefit from the entire range of services that PartnerTech is able to offer. "This consolidation will also strengthen our market position in Sweden. Furthermore, the transaction comes at a point in the business climate when the structural gains are not insignificant," says Jonson. Claes Wretlind, President of the acquired company, welcomes PartnerTech as its new owner. "PartnerTech suits us well. The merger increases our breadth and strength, to the advantage of both customers and employees," he says. It is planned that the acquisition will be financed by a new share issue of 2.9 million PartnerTech shares. The acquisition is expected to have an immediate effect on PartnerTech's earnings per share. PartnerTech develops and manufactures electronics products under contract for leading growth companies, primarily in telecom infrastructure, IT/mechatronics, and medical equipment. The Group, which, had some 800 employees in Sweden and abroad prior to the acquisition, is quoted on the Attract 40 list of the Stockholm Exchange. For further information, contact: Mikael Jonson, CEO, PartnerTech AB, tel: +46 40 102 641 or +46 70-678 10 01 Claes Wretlind, President, Vellinge Electronics AB, mobile: +46 708-45 99 90 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/09/20011009BIT00830/bit0002.doc http://www.waymaker.net/bitonline/2001/10/09/20011009BIT00830/bit0002.pdf