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Electronics Production | June 09, 2010

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.
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