Skanditek acquires the entire Vellinge Electronics
Skanditek acquires the entire Vellinge Electronics Skanditek has acquired 60.2 percent of the shares in Vellinge Electronics AB through a non-cash issue. The transaction entails that Vellinge Elec- tronics is owned by 100 percent and becomes a wholly owned subsidiary in the Skanditek Group. The holding in Vellinge Electronics amounted earlier to 39.8 percent. Payment for the shares in Vellinge Electronics is made through an issue of 2.995.968 shares. The Board's decision is made by virtue of the Annual General Meeting on May 11, 1999. Vellinge Electronics is one of Sweden's leading sub-contract manufacturers of electronic products. The company commenced operations in 1996, when the company was acquired from Electrolux Electronics AB. After a rapid expan- sion, the company has today 220 employees. The latest fiscal year, which ended in April 1999, net sales amounted to MSEK 403 and earnings after fi- nancial items MSEK 31. The last twelve months, April 1999 to March 2000, net sales amounts to MSEK 430 and earnings after financial items MSEK 32. Net sales forecast for fiscal year May 2000 to April 2001 is MSEK 550 to 600. "Through this transaction, Vellinge Electronic's possibilities to invest in future production technologies is strengthened, as well as increased service offering within development and distribution", says Claes Wretlind, president of Vellinge Electronics. Stockholm, April 7, 2000 Skanditek Industriförvaltning AB (publ) For further information, please contact: Patrik Tigerschiöld, president, phone +46 (0)8 614 00 20, mobile +46 (0)70 777 71 90, e-mail: patrik.tigerschiold@skanditek.se. Skanditek is an industrial holding company owning stock in Swedish un- listed and listed companies. Our business concept is to be an active stockholder and to further their development process by providing indus- trial and financial competence at board and management level. Our aim is to generate long-term capital growth for stockholders. The portfolio com- prises some twenty holdings structured in the areas electronics, informa- tion technology, biotechnology and services. The core holdings are in Axis Communications (18 %), Fermentech Medical (97 %), LGP Telecom Holding (10 %), Mydata Automation (38 %), PartnerTech (25 %) and Vellinge Electronics (100%). Skanditek is listed on the OM Stockholm Exchange O list. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/07/20000407BIT00300/bit0001.doc http://www.bit.se/bitonline/2000/04/07/20000407BIT00300/bit0002.pdf