Lindab acquires Finnish ventilation and indoor climate company through transfer of treasury shares
Lindab has today entered into an agreement to acquire Finnish company IVK-Tuote Oy, which manufactures and markets ventilation products for indoor climate. The company had net sales of EUR 6 million and generated an operating profit of EUR 0.7 million in 2009. The company employs 57 people and is located in Jyväskylä, around 300 kilometres north of Helsinki.
"The acquisition will strengthen the Comfort division within the Ventilation business area by adding greater depth to the product range and by reinforcing our position in the Finnish market", says David Brodetsky, Lindab's President and CEO.
The purchase price amounts to EUR 4.4 m and Lindab have decided to pay the purchase price through transfer of treasury shares.
Subject to the approval of the Annual General Meeting, the Board of Directors of Lindab International has decided to transfer 559,553 treasury shares to the sellers of IVK-Tuote Oy. The transfer shall be executed no later than 25 March 2010. The price per share shall be equal to the last quoted price paid for shares in Lindab International on NASDAQ OMX Stockholm on the date of transfer with the right and obligation for the sellers of IVK-Tuote Oy to make payment with their share holding in IVK-Tuote Oy.
The transfer of treasury shares is subject to the fulfillment of all conditions precedent in connection with the acquisition of IVK-Tuote Oy. The transfer of treasury shares is further conditional upon the proposal by the Board of Directors to transfer treasury shares being approved by the Annual General Meeting of Lindab International AB on May 11, 2010.
The purpose of the transfer is to enable the use of treasury shares as settlement for Lindab International AB's acquisition of 2,260 shares in IVK-Tuote Oy and that a transfer of treasury shares is a cost-effective way to finance Lindab International AB's acquisition of the shares in IVK-Tuote Oy.
Prior to the transfer Lindab International AB holds 3,935,391 treasury shares, corresponding to approximately 5 percent of the total shares in the company. The total number of shares in Lindab International AB amounts to 78,707,820.
End
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act.
Contacts:
LINDAB
David Brodetsky, CEO
Email: david.brodetsky@lindab.com
Mobile: +46 (0)73 274 5418
Nils-Johan Andersson, CFO
Email: nils-johan.andersson@lindab.com
Mobile:+46 (0)70 668 5075
Lindab - A Ventilation and Building Products company:
Lindab develops, manufactures, markets and distributes products and system solutions primarily in steel for simplified construction and improved indoor climate.
The business is carried out within three business areas, Ventilation, Building Components and Building Systems. The products are characterised by their high quality, ease of assembly, energy efficiency, consideration towards the environment, and are delivered with high levels of service. Altogether, this increases customer value.
The Group had net sales of SEK 7,019 m in 2009, was established in 31 countries and had approximately 4,500 employees. The main market is non-residential construction, which accounts for 80 percent of sales, while residential accounts for 20 percent of sales. During 2009, the Nordic market accounted for 42 percent, CEE/CIS (Central and Eastern Europe as well as other former Soviet states) for 21 percent, Western Europe for 32 percent and other markets for 5 percent of total sales.
The share is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Large Cap, under the ticker symbol LIAB. The principal shareholders are Ratos, Sjätte AP-fonden and Skandia Liv. For more information visit www.lindabgroup.com