Electronics Production |
Addtech acquires Norwegian company
Sweden-based Addtech Components, a business area in the Addtech Group, has today signed an agreement to acquire 80% of the shares in Egil Eng & Co. AS.
Egil Eng & Co. AS. is a technology trading company which sells components and customised solutions within the hydraulic and mechanic sectors. The company is a well known supplier to Norwegian manufacturers of agricultural and construction equipment as well as to customers within the shipping and off-shore sectors. The company has twenty employees and a revenue of approximately NOK 50 million.
Egil Eng & Co. AS. constitutes an excellent compliment to Addtech Components' operations and will strengthen our current position in hydraulics and mechanics in the Norwegian market.
The closing will take place 1 July 2010 and the acquisition is estimated to have a marginally positive effect on Addtech's earnings per share during the current financial year.
