Aros Quality buys TVAB

TVAB designs and manufactures cables and electromechanical modules for industrial customers, with a turnover of 240 MSEK and 415 employees. The company’s design and sales facilities are based in Sweden whilst its manufacturing facilities are located in Poland. The transaction will be financed by means of a cash payment on the day of acquisition, an issue in kind of 110'000 newly issued shares in AQ and a payment based on earnings for the period up to 31 December 2012. Upon acquisition, the company’s name will be changed to AQ Wiring Systems AB. TVAB’s CEO Per Axéll and CFO Lennarth Wernvik will continue to manage the company. All AQ’s cable business will after the acquisition be led by AQ Wiring Systems AB, with a turnover of approximately SEK 300 million (EUR 32 million) and manufacturing facilities in Sweden, Poland, Bulgaria and China. ”The objective of the acquisition is to increase AQ’s customer base internationally, to obtain effective production facilities in Poland, to make efficiency gains by merging TVAB’s expertise and experience with AQ’s and to provide new and existing customers with cost-effective production”, says President & CEO Per-Johan Dahlgren.