ETTEPLAN OYJ: ACQUISITION OF THE ENTIRE SHARE CAPITAL OF GESAB AB COMPLETED
Stock exchange release – Published: 03.09.2007 16:30:00
According to the agreement, signed on July 4, 2007, Etteplan Oyj has today acquired the entire share capital of Swedish Gesab AB. Gesab, established in 1985, and its' subsidiaries is one of the leading providers of industrial consultancy services, primarily within product development and industrial engineering mainly for the automotive, aerospace and household industries. The Gesab Group has offices in Gothenburg, Kalmar, Linköping, Trollhättan, Eskilstuna, Stockholm and Budapest, Hungary. Presently the number of employees amounts to 240 people. In 2006 Gesab's consolidated revenue amounted to SEK 163.5 million and the consolidated operating profit to SEK 10.5 million. Gesab's total assets at 31 December 2006 stood at SEK 53.3 million. During the past years Gesab's business operations have grown significantly with increasing profits as a result. The company is expected to grow and the profitability is expected to remain on good level also during 2007. Etteplan has bought 100% of the shares and of the voting rights from the owners of the company. The purchase price of SEK 70 million has been paid today in cash. The definitive purchase price will depend on Gesab's financial performance during 2007. As of September 1, 2007 Gesab AB became a part of Etteplan Group. Gesab is planned to continue as its own entity and to develop its business according to jointly developed strategies and direction. According to Mr. Heikki Hornborg, the CEO of Etteplan the acquisition supports company's growth strategy in the Scandinavia. It further strengthens the group's competence and market position especially as a supplier in the automotive and aerospace industries in the Nordic Countries. Gesab's operations significantly support the service to Etteplan's existing key customers and as a consequence of the acquisition Etteplan can provide its customers significantly widened service offering. In addition the transaction further strengthens the realization of synergies between Etteplan's Swedish companies. The number of Etteplan Group's personnel in Sweden increases as a consequence of the transaction to nearly 900 persons. For Gesab AB becoming a part of a larger design sector group provide better possibilities to carry out comprehensive design projects, to develop and widen the operations and to expand the client base. As a consequence of the transaction the company's position in the market will strengthen. Etteplan is one of the largest companies in the Nordic Countries providing industrial technology design and expert services. The company supplies high-quality services for its customers for production and product development processes. The core areas of expertise are mechanical engineering, automation design and information design as well as software development and electronics design. In 2006, revenue of Etteplan Group was EUR 101.7 million. The Etteplan Group employs close to 2 000 persons in Finland, Sweden, Germany, Italy, China and Hungary. Hollola, 3 September, 2007 Etteplan Oyj Board of Directors For additional information, contact: Etteplan Oyj, CEO Heikki Hornborg, tel. +358 400 873 063 DISTRIBUTION: OMX Nordic Exchange in Helsinki Principal media www.etteplan.com