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Electronics Production | May 23, 2006

Semcon acquires 30 percent of Devotek

Semcon acquiring 30 per cent of Devotek. Simultaneously Devotek will acquire Semcon Norge AS.
“We have worked with Devotek for 3 years and have now chosen to go one step further by acquiring 30 per cent of the company. At the same time we are selling Semcon Norge AS to Devotek. In this way we gain a stronger business on the Norwegian market,” says Semcon's acting CEO, Lars-Inge Sjöqvist. “Norwegian industry currently has a significant demand for development services. Through joint ownership we gain faster access to a number of different business opportunities.”

“With Semcon as a partner we have access to major development resources and can offer our customers an even wider range of services in, for instance, aftermarket information and industrial design. In total there will be 75 staff in Norway. Semcon Norge AS gives us valuable embedded design skills. Semcon also has extensive experience of major partnerships and here we can see major benefits for our customers,” says Per Håvard Kleven, Devotek's CEO.

Semcon is financing the purchase of shares in Devotek by using all its own 96,500 shares in Semcon AB as a part payment and partly with cash. The total purchase price is NOK 16 million of which part will be paid to Devotek via a new issue. The planned date for the deal's conclusion is 2 June. The purchase price of all the shares in Semcon Norge is NOK 7 million.

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