STOCKHOLM, Sweden, July 3, 2002 (PRIMEZONE) -- Munters has signed an agreement to acquire Aerotech Inc., a leading supplier of evaporative cooling and ventilation systems for the Agriculture and Horticulture industries in the U.S.
Munters is the leading supplier of cooling systems to the poultry industry outside the USA. "With the acquisition of Aerotech, Munters strategically moves from a components manufacturer to a key provider of evaporative cooling systems products in North and South America," said Mike McDonald, President of Munters Corporation. The acquisition of Aerotech positions Munters as the preeminent, global supplier of cooling systems products. A similar move has been implemented over the past two years outside of the USA following the acquisition of Euroemme, Italy in the end of 1999.
Aerotech, founded in 1947, is a family owned company headquartered in Mason, Michigan with an extensive, long standing sales and distribution network throughout the USA. The company has a long heritage of application expertise, high quality systems products and industry leading innovation. Aerotech has approximately 80 employees and had net sales in 2001 of approximately USD 18 million.
The purchase price, set at a maximum of USD 10.5 million, consists of a fixed amount and an earn-out based on Aerotech's operating earnings for 2002 and 2003. The payment for the shares will be made in cash. At the date of acquisition, Aerotech's interest-bearing debt amounts to USD 2.0 million. Assuming maximum earn-out, the acquisition will create goodwill and excess value of approximately USD 8.2 million, which will be amortized over 15 years. The impact on Munters' earnings per share will be positive in 2002.
For further information, please contact: Lennart Evrell, CEO Tel: 08-626 63 03 Mob: 070-588 15 15 Bernt Ingman, CFO Tel: 08-626 63 06 Mob: 070-672 74 54 Soren Sjostrom, VP Tel: 08-626 63 08 Mob: 070-600 22 44 Corporate Communication
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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