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© pichetw dreamstime.com Electronics Production | September 23, 2016

AQ Group AB acquires Gerdins Industrial System AB

AQ Group AB signed an agreement with Gerdins Holding AB to acquire 100% of the shares of Gerdins Industrial System AB .
The agreement includes the subsidiaries Gerdins Components Västerås AB, Elektroprim AB, Plåxan AB, Gerdins Components AB, Gerdins Cable Systems AB, Gerdins Cable Systems Sp. z.o.o and Gerdins Nordkomponent AB. The agreement is a consequence of the letter of intent communicated on August 18, 2016. The purchase price consists of SEK 81.5 million (EUR 8.53 million) in cash plus 260'000 shares of AQ Group.

Possession is expected on October 3, 2016 under the condition that the deal is approved by the Swedish Competition Authority.

Gerdins Cutting Technology AB with operations in Mjällom is not part of Gerdins Industrial System AB, thus not part of the deal.

"The purpose of the acquisition is to extend AQ’s customer base, to broaden our offering in sheet metal processing and to obtain reinforcement in manufacturing of wiring systems. Gerdins has a long history with long term industrial owners and the company fits well in AQ. After the letter of intent, we have visited the biggest customers and received positive feedback, as well as seeing all Gerdins’ plants and we continue to be positive about the acquisition" says Claes Mellgren, CEO of AQ Group.

“In Gerdins we see the deal as an enhanced opportunity for continued development of our units and an offensive way to meet the future. We look positively to being part of an international group as it brings increased opportunities to broadening and enhancing our offering to the customers and thereby strengthening our competitiveness”, says Peter Gerdin, CEO of Gerdins Holding.

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