Revenio Group Corporation: Revenio to sell its RIB business
Revenio Group Corporation Stock Exchange Release February 25, 2015 at 12.10
REVENIO TO SELL ITS RIB BUSINESS Revenio Group Corporation has signed an agreement to sell the entire stock capital of Boomeranger Boats Oy to International Golden Group, domicile Abu Dhabi, UAE. Boomeranger Boats represented RIB special boat business of Revenio's Technology and Services segment that has been transferred to available-for-sale, discontinued operations. In line with its strategy, Revenio is focusing on health technology and sale of non-core business supports this strategy. The parties have agreed not to disclose the sale price. The sale of Boomeranger Boats that has been transferred to discontinued operations at the end of 2014 has no impact on the Group's results. The sale is estimated to boost the Group's cash flow by approximately three million euros. "The sale of Boomeranger Boats secures Finnish jobs, allows the company's future growth as well as development work to continue in Finland. We are very satisfied to have a buyer with a long term objective of developing the company's activities and strengthening the position of Boomeranger Boats as the leading company in its field," states Revenio Group's President and CEO Olli-Pekka Salovaara. As the CEO of Boomeranger Boats will continue Mr. Riku Lamppu who has been leading the company since September 2014. Along with the acquisition all personnel of Boomeranger Boats will be considered as former employees of the new owner. The RIB special boats by Boomeranger are very reliable high-performance boats that are used in various demanding patrol and rescue operations by the authorities. Now completed acquisition is related to the order of two RIB special boats designed for demanding conditions that was announced in December 2014. The delivery of these two boats will take place by November 2015. Further information: President and CEO Olli-Pekka Salovaara, tel +358 40 567 5520 olli-pekka.salovaara@revenio.fi www.revenio.fi DISTRIBUTION: Nasdaq Helsinki Financial Supervisory Authority (FIN-FSA) Principal media www.revenio.fi The Revenio Group in brief Revenio is a Finnish health tech group whose core business lies in tonometers. The Revenio Health Tech segment comprises the business operations of Icare Finland Oy and Oscare Medical Oy, which specializes in osteoporosis screening and assessment. In addition, Revenio has identified new growth opportunities relating to health tech in which common denominators are screening, follow-up and the global need to make cost savings in health care through preventive measures. Revenio seeks vigorous growth in health technology, both organically and through acquisitions and mergers. In 2014, the Revenio Group's net sales totaled MEUR 16.0, with its operating margin for continuing operations standing at 27,5%. The Revenio Group Corporation is listed on Nasdaq Helsinki.