SMT & Inspection | June 01, 2007
Elektrobit sell production solution business to Rohwedder
Finland based Elektrobit (EB) Corporation and German based Rohwedder AG have signed an agreement on June 1, 2007, under the terms of which EB agreed to sell its Production Solutions business to Rohwedder.
The Transaction comprises EB's subsidiaries belonging to the Production Solutions business. The Production Solutions Business Unit provides production testing and automation technology especially for telecommunications equipment manufacturers and for the automotive and consumer goods industries. The Production Solutions Business Unit has belonged to EB's Test and Automation Business Segment and employs 112 people in Finland and 280 people abroad, mainly in Europe. The price for the acquisition is EUR 29 million on a cash and interest-bearing debt free basis. Furthermore, there is a purchase price component that will depend on the Business Unit's financial performance in 2007 and 2008. The selling of the Production Solutions business increases EB's net profit of the second quarter of 2007 by approximately EUR 15 million non-recurrently. The net cash flow increases by approximately EUR 15 million non-recurrently and, at the latest in a six months time, EUR 5 million more. The assets in the transferring Balance Sheet of May 31, 2007 are approximately EUR 30 million. The purchase price is subject to a post completion adjustment based upon the level of net assets in the Production Solutions business in the end of May 2007. The Transaction comprises the following subsidiaries owned by Elektrobit Production Solutions Ltd.: OÜ JOT Eesti, JOT Automation Italia S.r.l, Elektrobit Hungary Kft, S.C. Elektrobit S.R.L, JOT Automation Korea Ltd., Elektrobit Technologies (Beijing) Ltd., Elektrobit GmbH, Elektrobit Production Solutions Inc. and Elektrobit Da Amazonia Ltda, as well as Elektrobit Technologies India Private Ltd. owned by Elektrobit Production Solutions Ltd. and Elektrobit Corporation. The Production Solutions products and product brands (such as JOT Automation) are included in the Transaction. "We have been seeking for a strong industrial buyer for our Production Solutions business and we believe Rohwedder provides a very good new home for this business. I want to thank all Production Solutions personnel for their contributions as a part of EB and wish them success in future", comments on the transaction EB's CEO Mr. Pertti Korhonen. Commenting on the acquisition, Mr. Joachim Rohwedder, Chairman of the Board of Rohwedder said: "This acquisition is the decisive step on our way to becoming the leading international automation technology enterprise, especially with regard to our Electronics Production Solutions (EPS) division. We are looking forward to integrating the new business unit and the employees into the Rohwedder Group as fast as possible."
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