RAISIO GROUP ENTERS INTO FOOD DIAGNOSTIC
Raisio Group plc Stock Exchange Release
13 February 2003 at 12.00 Finnish time
RAISIO GROUP ENTERS INTO FOOD DIAGNOSTICS
Raisio Group places today a public offer to acquire all shares in
Diffchamb AB, which is listed on the O-list of Stockholm Stock
Exchange. The total value of the transaction amounts to
approximately EUR 17.3 million. The offer represents a premium of
approximately 50 per cent based on the last paid price yesterday.
The acquisition creates a goodwill of about EUR 12 million for
Raisio Group. Taken into account the goodwill depreciation and the
increasing financial expenses, the acquisition will be slightly
earnings dilutive during the first year.
The Diffchamb Board of Directors unanimously recommends the
shareholders of Diffchamb to accept the offer. Certain
shareholders, representing 42.03 per cent of the share capital and
votes, have irrevocably undertaken to accept and support the
offer. The acceptance period is expected to run between March 6
and March 26, 2003.
Diffchamb is an international biotechnology company involved in
development, manufacturing and sales of equipment for foodstuff
testing, so-called quality control. Diffchamb is specialised in
rapid and efficient analysis products based on modern technology.
Diffchambs turnover for 2001 amounted to EUR 10.0 million and
profit before taxes to EUR 95,000. The number of employees was
approximately 100 at the end of 2002. As at close of trading on 12
February 2003, Diffchamb had a market capitalisation of EUR 11.5
million. More info can be found at www.diffchamb.com.
The strategic goal for Raisio Life Sciences is to expand its
business into food and animal feed diagnostics. Raisio Life
Sciences has been evaluating various alternatives for expansion
into these areas. Diffchamb provides a good market coverage and
presence in many key markets. In addition, Diffchamb offers a wide
range of products and applications in most of the high growth
segments of food testing. This combined with Diffchambs strong
and experienced management team and organisation provides Raisio
Life Sciences an excellent platform to build a strong global food
diagnostics business.
RAISIO GROUP PLC
Taru Narvanmaa
Executive Vice President, Communications and IR
Further information:
Jukka Lavi
President, Raisio Life Sciences
tel. +358 40 544 3280
Taru Narvanmaa
Executive Vice President, Communications and IR
tel. +358 50 590 9398
Raisio Life Sciences and Diffchamb will arrange a press and
analyst conference at Danske Markets Corporate Finance, Berzelii
Park 9, Stockholm Sweden today on February 13 at 1 p.m. Swedish
time. You can also attend to the conference by telephone at number
+44 (0)8700 013120 (chairperson Taru Narvanmaa).
For more details, please see the press release published on the
Swedish market regarding the bid at www.raisiogroup.com.
