Press release published at The Swedish Wire
Lagercrantz Group has today entered into an agreement to acquire all shares outstanding in Norwegian company Vanpee Norge AS and Swedish company Vanpee AB (the Vanpee companies).
The Vanpee companies are value-adding distributors in the lighting industry, with leading component suppliers in their portfolios. The companies also offer consultancy services in lighting control and programming of lighting control equipment. Customers are found mostly among light fixture manufacturers and installers in Norway and Sweden. The Vanpee companies have aggregate annual sales of over MSEK 75 with good profitability.
"For several years the Vanpee companies have displayed a powerful offering to the lighting industry and in recent years lighting control services have been successfully introduced to their customers. Together with our existing company, Vanpée & Westerberg A/S in Denmark, we will now be getting full-range coverage in a growing industry", says Jörgen Wigh, President & CEO of Lagercrantz Group, in a comment.
Stein Christensen, President and owner of the Vanpee companies: "With Lagercrantz as owner we get a financially strong owner with a long-term outlook, which means that we will be able to continue developing and expanding the company in Norway and Sweden. We are looking forward to co-operating with the other companies in the Lagercrantz Group."
Stein Christensen will remain as President and the companies will become part of Lagercrantz Group's division Electronics. The deal is expected to close during August/September 2012, after obtaining approval from, among others, the Norwegian competition authority. The acquisition is expected to generate a small positive contribution to consolidated earnings per share on an annual basis.
Stockholm, 5 July 2012
Lagercrantz Group AB (publ)
For additional information, contact:
Jörgen Wigh, President & CEO, Lagercrantz Group AB, telephone +46 70 569 5477
Ulf Gladh, Vice President Electronics, Lagercrantz Group AB, telephone +46 70 673 0727.
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or according to the agreement with NASDAQ OMX Stockholm Exchange. The information was submitted for publication on 5 July 2012 at 14:35.
LAGERCRANTZ GROUP IN BRIEF
Lagercrantz is a technology group in the areas of electronics, electricity, communication and related fields. The Group's companies deliver all its specialised products and solutions to other companies (B2B) and several of the companies are world-leaders in their respective niches. Lagercrantz is active in eight countries in Northern Europe and in China. The Group has about 800 employees and revenue of approximately SEK 2,300m. The Company's shares are listed on NASDAQ OMX Stockholm since 2001.
The business is organised in four divisions. Division Electronics offers special products in embedded electronics, industrial wireless communication, RFID and lighting control. Division Mechatronics offers electric connections systems, electric installation materials, electric and electro-mechanical components and cabling. Division Communications offers products, systems, services and support in network access, digital image transmission/technical security, and software. Division Niche Products is the Group's new division from April 2012. Here a number of interesting market positions will be built up primarily by acquiring profitable companies in interesting niches and with a large element of proprietary products.
This information was distributed by Cision