©edhar-yralaits Electronics Production | August 08, 2012
AQ Group buys Durapart Industries AS
AQ Group AB signed an agreement yesterday with Otterlei Group AS, to acquire all shares of Durapart Industries AS, Norway.
The deal includes the wholly owned subsidiaries UAB Durapart Lithuania and Durapart Mexico SA de CV. The takeover will take place on September 1, 2012. The acquired companies develop and manufacture cable harnesses and electromechanical components for industrial customers, primarily within commercial vehicles. The business had net sales in 2011 of about 300 million SEK and approximately 630 employees. About 100 of these employees reside in Mexico. Development and sales are governed from Norway with manufacturing in Lithuania and Mexico. The acquisition is partly a cash payment of 67 MNOK on the closing date, partly through a share issue of 35 000 new shares in AQ and two potential earn-outs up to 2014 with a maximum of 11 MNOK. The acquired businesses will be coordinated with AQ's existing cabling business AQ Wiring Systems.
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