El & Industrimontage and Goodtech join forces
(Thomson Reuters ONE) -
The main owners of E&I Intressenter (E&I), parent company of El &
Industrimontage Group, has signed an agreement for merger with the Norwegian
technology and engineering group Goodtech ASA, which is listed on the Oslo Stock
Exchange. The new company takes the name Goodtech and will get more than 1400
employees in over 40 locations in Sweden, Norway and Finland.
The new company groups invoicing is estimated at approximately SEK 2.2 billion.
The new Goodtech is a complete, powerful and brand autonomy supplier of
electrical engineering, environmental technology and industrial technology in
the Nordic market.
Winning large projects in the Nordic market
"The merger of Goodtech and E&I is very exciting. The companies will together
become a complete and powerful player in the Nordic market with solid basis for
creating the solutions of the future for our customers," says Rolf Tannergård,
the chairman of the board of the new Goodtech.
The companies are already collaborating on two projects in Norway; on the
electronics and automation for a new incineration line at the Municipality of
Oslo's energy recovery plant at Klemetsrud and the supply of a new packing
system and production management system for the fish feed manufacturer Biomar in
Vesterålen.
"We have had positive experiences on both projects," says Vidar Låte, Group
Managing Director of Goodtech. "Now we are looking forward to winning an
increasing number of large-scale projects in partnership with our new Swedish
colleagues."
Excellent growth opportunities
"Goodtech and E&I are businesses that complement each other and have similar
company cultures with a good strategic fit. Goodtech's wide-ranging know-how in
engineering, environmental technology and automation combined with E&I's
longstanding experience of large projects and expertise in electrical
installations, process installations and power technology means that we have a
basis for growth," states Vidar Låte.
The new company will benefit from an enhanced product and service spectrum and
greater implementation capacity, especially on larger projects and turnkey
contracts. Goodtech will therefore be better positioned to take on a larger
portion of anticipated investment in both the public and private sectors. This
applies especially to the modernisation and upgrading of energy systems and
infrastructure, environmental technology as well as streamlining and increased
competitiveness in industry.
New company structure
The chairman of the board of the new Goodtech will be Rolf Tannergård, founder
and chairman of the board of E&I. Vidar Låte, the present group managing
director of Goodtech ASA, will remain as group managing director of the new
company.
The new Goodtech has in excess of 1400 employees across more than 40 locations
in Sweden, Norway and Finland. To maximise synergies in skills development and
cross-sales to its existing customer base the company will be organised into
four new business areas across national borders:
- Projects & Services will supply turnkey electrical- and process installations
as well as automation and power projects. This area will be brand autonomy and
provide complete solutions from pre-project to operation and maintenance.
- Solutions will supply production lines, machinery and logistics solutions.
- Environment will supply environmental technology and water and waste
purification systems.
- Products will distribute automation and electronics products in the
Scandinavian market.
New ownership structure
The merger will be carried out through an acquisition in which Goodtech will
purchase 100% of the shares in E&I. The shareholders in E&I will be offered
162 765 032 shares in Goodtech corresponding to current shares in Goodtech. This
means that after the merger the owners of E&I will hold 50% of the shares in the
merged company.
The transaction is expected to be completed in October 2010 conditional on
acceptance by Goodtech's AGM and by at least 90.1% of the share capital in E&I.
Shares equivalent to 83.7% have committed to accept the offer.
El & Industrimontage Tannergård AB, owned by Rolf Tannergård, will become the
largest shareholder in the new company with a shareholding of 26.5%. Holmen
Industri Invest 1 will be the next largest shareholder with 22.1%.
Access Partners has acted as advisor to E&I.
About Goodtech ASA
Goodtech ASA is a Norwegian technology and engineering group quoted on the Oslo
Stock Exchange. The company supplies solutions to industry and the public
sector, environmental projects in water, waste and energy recovery as well as
associated products and product technologies. The group represents several
international manufacturers and their products in the Scandinavian market.
Goodtech has more than 350 employees across the Nordic region. The majority of
employees are engineers and technical specialists who provide the group with
considerable implementation capacity in its projects.
For more information please contact:
Rolf Tannergård, Chairman of the Board El & Industrimontage, tfn +46
70 665 46 15, E-post: rolf.tannergard(at)eiab.com
Olle Backman, Group Managing Director El & Industrimontage, tfn +46
70 632 89 93, E-post: olle.backman(at)eiab.com
El & Industrimontage Svenska AB (plc) is the most complete electrical and
process installation supplier in Sweden with annual billing of around SEK 1 500
million and some 1 000 employees. The Group supplies highly qualified technical
solutions within automation, electrical installation and power technology plus
service and maintenance to both the public and private sectors. Brand autonomy
and technical expertise make El & Industrimontage one of the fastest growing
groups in Sweden within its sector segment.
[HUG#1439738]
Press release (PDF):
http://hugin.info/133214/R/1439738/384101.pdf
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Source: El & Industrimontage Svenska AB (publ) via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2010 - 08:30 Uhr
Sprache: Deutsch
News-ID 39915
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"El & Industrimontage and Goodtech join forces"
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