STOCKHOLM, Sweden, June 28, 2002 (PRIMEZONE) -- Following its acquisition of Polygon in Norway, early this year, Munters further strengthens its position in water and fire damage restoration services, with the acquisition of the fire damage restoration business of the German company Svt.
The Svt group (System-und Verfahrenstechnik GmbH) is based in Hamburg, Germany, and is a leading provider of services supporting the insurance industry in restoring buildings and contents after fire damage. Svt also has a business of fire protection equipment. Munters is the leading provider of water damage restoration services in the world. Since 2000, Munters and Svt have been co-operating closely to offer a single first call solution after water and fire damages to their insurance customers. Munters has acquired Svt's fire damage restoration business which represents approximately one third of Svt.
Svt's fire damage restoration business reports sales of EUR 20 million and has 65 employees. It operates a network of 10 locations covering the German market. After the acquisition Munters will be a market leader in Germany.
"The deal is logical in light of the consolidation and internationalization of the damage restoration industry. Svt will be part of the much larger and international Munters. This will open new development perspectives and strengthen our market position", says Philippe Roux, Division President Munters MCS Europe.
The present Manager of Svt's fire damage restoration services, Siegfried Donner, will remain in his position after the acquisition.
The deal is a combined assets and shares purchase deal. The total purchase price is a fixed price of EUR 10.0 million and an earn-out based on the operating earnings of the company during 2002 and 2003 of maximum EUR 5.0 million. The payments will be made in cash.
The acquisition will be consolidated in Munters from 1 July 2002 and will create a goodwill and excess value of maximum SEK 125 million which will be amortized over 10 years. The impact on Munters' earnings per share will be positive in the year 2002.
For further information, please contact:
Lennart Evrell, CEO Tel: +46 8 626 63 03
Mob: +46 70 588 15 15
Bernt Ingman, CFO Tel: +46 8 626 63 06
Mob: +46 70 72 74 54
Soren Sjostrom, VP Corp. Communication Tel: +46 8 626 63 08
Mob: +46 70 600 22 44
Munters is the world leader in humidity control with products and services for dehumidification, humidification and cooling of air. Customers are found in a wide range of segments, the most important being insurance-, utilities-, food-, pharma- and electronics- industries. Manufacturing and sales are carried out via the Group's own companies in more than 25 countries in Europe, Americas, and Asia. The Group has 2,900 employees and net sales of SEK 4,100 million. Munters is listed on Stockholmsborsen, the Stockholm Stock Exchange. For more information see www.munters.com
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