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Munters Group — M&A Activity 2008
Apr 2, 2008
2945_rns_2008-04-02_a66b529f-7587-490b-b404-75076799d9d1.pdf
M&A Activity
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Press release
April 2, 2008
Munters acquires Turkish distributor
Munters has entered into an agreement to acquire 80% of the Turkish company Munters-Form Endüstri Sistemleri Sanayi ve Ticaret A.Ş. Turkey. Munters-Form has nine employees and the annual turnover of the company is around 3 million Euro. The acquisition has a marginal effect on Munters earning per share in 2008.
Munters-Form is mainly active in the field of dehumidification, ventilation products for the agricultural area and pre-cooling for gas turbines. The company is a part of the Form Group owned by the Korun family who will maintain a 20% interest in the company. Form Group has been the distributor of Munters Dehumidification and HumiCool products on the Turkish market and some neighboring countries for 22 years.
"Turkey has a strategic position in a region that is very important for Munters' short and long term growth potential. Form Group, and the Korun family, have been long term partners with Munters. As we execute our growth strategy in Turkey and the region as a whole, it's natural that we do this together with them", says Lars Engström, CEO, Munters.
"The market for Munters products is rapidly expanding. With Munters as the main owner of Munters-Form the company will have the required strength to meet expected market demands and harvest on the growth opportunities both in Turkey and the rest of the region," says Tunc Korun, General Manager of Munters-Form.
Tunc Korun will remain as General Manager for Munters-Form.
Kista, April 2, 2008
For more information, please contact:
Lars Engström, Chief Executive Officer Tel: 08 626 63 03, Mob 070 228 85 19 [email protected]
Jonas Samuelson, Chief Financial Officer Tel: 08 626 63 06, Mob 070 626 63 79 [email protected]
Andreas Olofsson, VP Corp. Communications Tel 08 626 64 08, Mob: 070 70 351 84 00 [email protected]
This press release is also available on www.munters.com
Munters is a global leader in energy efficient air treatment solutions and restoration services based on expertise in humidity and climate control technologies. Customers are served in a wide range of segments, the most important being insurance-, utilities-, food-, pharma- and electronics- industries. Manufacturing and sales are carried out via the Group's own companies in more than 30 countries. The Group has close to 4,300 employees and net sales of about SEK 6.3 billion. The Munters share is listed on OMX Nordic Exchange Stockholm, Mid Cap. For more information see www.munters.communters.com