Larox Corporation Company announcement 22.3.2010 AT 10 AM
LAROX CORPORATION SELLS ITS SHARE OF LAROX FLOWSYS TO CAPILLARY OY
Following the transaction made on 19 March 2010 Larox Corporation sells to
Capillary Oy all the Flowsys Oy shares it owned, which correspond to 49% of the
entire share capital of the capital stock.
The transaction totals EUR 3.5 million and will be realized after the sum has
been completely paid. As a result of the transaction a non-recurring income of
EUR 2.0 million is booked on the first quarter in Larox's income statement. The
parties have also agreed that Larox Flowsys has the right to use LAROX trademark
and company name during the first three years after the transaction.
Larox Flowsys Oy's production facilities are situated in Lappeenranta and
Flowsys is the preferred supplier of pinch and knife gate valves and peristaltic
pumps focusing on abrasive, corrosive and other demanding shut-off, control and
pumping applications serving a wide range of process industries worldwide.
In 2008 Larox Flowsys net sales totaled approx. EUR 16.6 million and the number
of personnel totaled 52 persons. Larox Flowsys Group has 2 subsidiaries.
The transaction will neither affect Larox Corporation business operations nor
the cooperation between Larox Corporation and Larox Flowsys Oy.
Larox Corporation
Further information:
Juhana Ylikojola
President & CEO
Tel. 0207 687 266
Fax. 0207 687 380
juhana.ylikojola@larox.com
Distribution
Nasdaq OMX Helsinki Ltd.
Central media
www.larox.com
Larox develops, designs and manufactures industrial filters and is a
leading technology company in its field. Larox is a full service solution
provider in filtration for separating solids from liquids. It supplies
comprehensive aftermarket services throughout the lifespan of the Larox
solution. Companies world-wide in mining and metallurgy, chemical processing
and related industries benefit from the Larox technologies. Larox operates
in over 40 countries and has over 600 employees. Larox has production
facilities
in Finland and in China, and the Group is headquartered in
Lappeenranta, Finland. Net sales in 2009 totaled 150.2 million euros, of which
more than 93 % were
generated by exports and the company's foreign operations. Larox is a subsidiary
of Outotec.