STOCKHOLM, Sweden, March 4, 2002 (PRIMEZONE) -- Seco Tools announced in a press release on December 18, 2001, that the Group had reached an agreement covering acquisition of 100 percent of the shares in the Dutch company Jabro Tools. The purchase was subject to approval by the relevant authorities.
In February, the competition authorities in the affected countries approved Seco's acquisition of Jabro Tools. Accordingly, Seco Tools completed the transaction on February 28, 2002 in accordance with the agreement and Jabro Tools is consolidated within the Group as of March 1, 2002.
"Completion of this transaction is of great significance for Seco and part of the continuous process to strengthen Seco's competitiveness within important markets and customer segments," said Lars Renstrom, President and Chief Executive Officer of Seco Tools.
Jabro Tools has sales of SEK 140 M, with 120 employees. Jabro is among the leading companies in the product area solid-carbide end mills, a fast-growing area primarily focused on the aviation and die and mold industries. Through this acquisition, Seco Tools expands its product offering to customers, thereby strengthening its competitiveness in serving the above mentioned customer segments.
The acquisition is expected to make a positive contribution to earnings per share as from 2003.
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