Indutrade acquires Norwegian filtration technology group
Indutrade today signed an agreement to acquire all of the shares in Norwegian
Lekang Group, consisting of the companies Lekang Maskin AS in Norway,
Filterteknik Sverige AB in Sweden, and Filterteknik A/S in Denmark.
The Lekang Group specialises in products and services, mainly in filtration of
fluids, for all types of industrial companies in Scandinavia. In addition to
system solutions for filtration and filtration equipment, the companies provide
consumables such as filters and products for licence control of industrial
equipment. Demand for the companies' products is driven by industrial needs for
greater productivity, lower maintenance costs and higher quality, together with
environmental considerations.
The Lekang Group was established in 1970 and has had stable, controlled and
profitable growth during the past decade. Sales in 2008 amounted to
approximately SEK 200 million, and the companies in the Group succeeded in
maintaining the same sales volume in 2009. The Group has approximately 60
employees.
"We have had strong development in recent years, but now feel it is time to take
the next step in our growth. With Indutrade as our owner, we will obtain the
help and support that is needed. Together we have an exciting period ahead of
us," comments Egil Lekang, President of Lekang Maskin AS, in Norway.
Filters and filtration technology are an established part of Indutrade's
offering. The acquisition strengthens the company's position in filtration -
mainly in Norway, and specifically in the marine and offshore industries.
Through the Lekang Group, Indutrade will also gain a broader offering and be
able to serve more categories of customers in filtration technology.
"The acquisition of the Lekang Group is entirely in line with our strategies. It
is a stable, profitable industrial company that is a leader in its niche,"
comments Johnny Alvarsson, CEO of Indutrade.
Organisationally, the Lekang Group companies will be included in the Special
Products business area, which had net sales of SEK 1,877 million in 2009. The
acquisition is expected to have a marginally positive impact on Indutrade's
earnings per share.
The acquisition is Indutrade's fifth to date this year. Combined annual sales of
the acquired companies is estimated at approximately SEK 400 million.
Stockholm, 25 February 2010
INDUTRADE AB (publ)
For further information, please contact:
Johnny Alvarsson, President and CEO, tel. +46 70 589 17 95.
About Indutrade
Indutrade markets and sells components, systems and services with a high-tech
content within selected niches. Indutrade's business is distinguished by:
• High-tech products for recurring needs
• Growth through a structured and tried-and-tested acquisition strategy
• A decentralised organisation characterised by an entrepreneurial spirit
The Group is structured into four business areas: Engineering & Equipment, Flow
Technology, Industrial Components and Special Products. Indutrade's sales
totalled SEK 6 271 million in 2009, generating operating income of SEK 594
million before depreciation of intangible assets. Indutrade is listed on Nasdaq
OMX Stockholm.
