Lindab acquires Slovak building components company
Lindab has today entered into an agreement to acquire Sipog Group, a leading Slovak manufacturer of metal roofing and wall cladding products, as well as roof drainage systems. The purchase price amounts to EUR 24.5 million debt-free.
The Sipog Group has subsidiaries in Slovakia, Romania and the Czech Republic, and sells products under the Rova trademark (roofing and wall cladding) and the Vios trademark (roof drainage products). The company employs 190 people in the countries mentioned. In 2007, the company generated net sales of EUR 37 million and an operating profit (EBIT) of EUR 4.7 million. The seller and his management team will continue to work within Sipog Group after completion.
The acquisition is Lindab's first within the Building Components division in the CEE/CIS and means that Lindab will become market leader within metal roofing and wall cladding products, as well as roof drainage systems in Slovakia. At the same time, it will further strengthen Lindab's position in the Czech Republic and Romania where Lindab is already well established. Coordination of the operations is expected to bring about considerable synergy gains.
"The Sipog Group, with its headquarters located in Eastern Slovakia, has grown rapidly and will complement our existing operations within Building Components very well," says Peter Andsberg, Business Area Manager, Lindab Profile. "Through the acquisition, we become the market leader in Slovakia and gain access to cost efficient production and an extended distribution network, as well as two strong and well established brands."
"The CEE/CIS region is the geographical market showing the strongest growth and this acquisition is entirely in line with our strategy to focus on core products," says Lindab's CEO, Kjell Åkesson. "We achieve greater market coverage and can utilise resources better in order to further improve profitability in the future."
The acquisition is subject to Lindab obtaining approval by the relevant competition authorities. The transaction is expected to be completed during the summer of 2008.
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Contacts:
LINDAB
Kjell Åkesson, CEO
Email: kjell.akesson@lindab.com
Tel. +46 (0)431 850 00 / 850 07
Mobile: +46 (0)70 618 50 07
Peter Andsberg, Business Area Manager, Profile
Email: peter.andsberg@lindab.com
Tel. +36 309 440 903
Nils-Johan Andersson, CFO
Tel. +46 (0)431 85075
Mobile: +46 (0)70 66 85075
About Lindab:
Lindab is an international group that develops, manufactures and markets sheet metal products and system solutions for the construction sector.
The two business areas, Profile and Ventilation offer complete solutions for construction systems and indoor climate, as well as individual construction and ventilation components for all types of buildings.
Lindab is listed on the Stockholm Stock Exchange, Nordic Large Cap under the ticker "LIAB".
The Lindab group has approximately 5,000 employees in 30 countries and generated sales of SEK 9,280 million in 2007. Its head office is located in Grevie near Bastad in southwestern Sweden. For more information visit www.lindab.com