ROCLA OYJ Stock Exchange Release 02.06.2008 at 10.30 a.m.
ROCLA GROWS IN DENMARK BY ACQUIRING VB TRUCKS A/S
Finnish forklift manufacturer Rocla expands its operations in Denmark by
acquiring the shares of VB Trucks a/s. Behind this deal is Rocla's strategy to
strengthen its product, service and solution business in local markets. As a
result of the deal Rocla will be one of the biggest players in the Danish
forklift market. The name of the company will be Rocla Danmark a/s and it starts
its operations on the 2nd of June, 2008. Rocla has had own subsidiary Rocla a/s
in Denmark since 2000. The decisions about merging Rocla a/s' and VB Trucks a/s'
operations will be made later on. After the acquisition Rocla will have some
140 employees in Denmark.
The purchase price to be paid for the shares in cash is about 3.0 M€ which
corresponds the enterprise value of about 6.3 M€. The purchase price will be
adjusted according to the January-May results of the company. VB Trucks a/s
generated annual sales of about 15 M€ in 2007 and it employs some 90 people. The
company's operations consist of sales, rental and maintenance of forklift
trucks. The acquired operations complete Rocla's business in Denmark
geographically and from the client base and product offering point of view. In
2006 and 2007, the EBITDA level of the company was around 13% and EBIT level
around 5%-6% of the sales, according to the Danish GAAP. VB Trucks a/s has been
Rocla's dealer in Denmark since the summer 2007.
Rocla Oyj has estimated in the interim report of January-March 2008 that it
expects its consolidated net sales to grow and its result to improve in the
fiscal year 2008, provided that no material changes occur in the overall trade
cycle picture. According to the estimate of the company, the acquisition does
not change the outlook for the year.
Juha Mikkonen, the Vice President of Business Support for Rocla group, has been
appointed CEO of Rocla Danmark a/s. ”With this deal we seek strong market
position and more capacity to service operations” explains Mr. Mikkonen. ”The
volume of our Danish operations more than doubles as a result of this deal, so
we are better equipped to offer comprehensive services to our clients.”
”It was time to make a decision about VB Trucks' future,” explains Verner Bonde,
who founded the company 24 years ago. I am confident that Rocla offers a good
platform for growth and further development for VB Trucks' business and
personnel alike”.
”The Danish truck market is mature and there is demand for Rocla's intelligent
solutions”, states Tapio Rummukainen, the President and CEO of Rocla Oyj. ”In
addition to industrial trucks and services we have delivered automated solutions
to Danish customers. With this deal we also strengthen our position as a
provider of demanding solutions”, continues Mr. Rummukainen.
The acquisition does not require an approval from the competition authorities.
Glitnir Bank Ltd., Investment Banking has acted as financial advisor to Rocla
Oyj in connection with the transaction.
Tapio Rummukainen
President and CEO
For additional information, contact:
Rocla Oyj, President and CEO Tapio Rummukainen, phone +358 20 778 1370
Rocla Danmark a/s, CEO Juha Mikkonen, phone +358 400 426 159
Distribution:
Helsinki Exchanges
The main media
Background:
Rocla Oyj is a listed Finnish company that develops, manufactures and markets
intelligent solutions and services for materials handling applications. Rocla's
own product and service offering is complemented by Cat® counterbalance trucks.
Rocla's activities are based on customer-oriented service, innovation and the
continuous development of operations. Rocla's net sales in 2007 were 124.9 M€
and the company employed 521 people at the end of the year.
VB Trucks a/s is a Danish family owned company that was founded in 1984. It
sells industrial trucks and related services. The company employs some 90 people
and its turnover in 2007 was around 110 Mkr.
Photos: www.rocla.com/photos