Panostaja Oyj Stock Exchange Bulletin, 20th June 2007
PANOSTAJA TO BUY THE ENTIRE SHARE CAPITAL OF TAMPEREEN LAATUKONEISTUS OY
Panostaja Oyj has today signed a preliminary agreement to buy the entire share
capital of Tampereen Laatukoneistus Oy, a company specialising in manufacturing
hydraulic cylinders. The preliminary agreement contains a standard due diligence
clause. If the transaction goes ahead, Panostaja will extend its business
activities by setting up a new business area specialising in hydraulics
components. The final trade agreement is expected to be signed by the end of
June.
Tampereen Laatukoneistus manufactures individually designed hydraulic cylinders
for the shipbuilding, lifting, wood processing, mining, metals and
transportation industries, among others. It has a strong position in Finland as
a supplier of large hydraulic cylinders. The turnover in 2006 amounted to some
EUR 5.6 million. The company owns its 2,854 m2 premises located in the Lielahti
area of Tampere, Finland.
The total purchase price will amount to about EUR 3.2 million. Additionally, the
sellers are entitled to a maximum conditional additional purchase price of about
EUR 1.1 million. The conditional additional purchase price would be paid by the
end of the year.
Panostaja wants to further strengthen the company's position in the market as a
manufacturer of cylinders of high quality and expert design. - We intend to set
up a business area around the company specialising in the manufacture, import
and sales of hydraulics components and be able to offer an extensive range of
hydraulics components for industry, says Mr. Olli Halmevuo, CEO of Panostaja
Oyj.
According to Mr. Tapio Pajunen and Mr. Jarmo Pajunen, the owners of Tampereen
Laatukoneistus that was founded in 1969, the main reason for selling the family
business is that they now want to retire after many years in business. -
Panostaja has the knowledge, the power and the will to further develop the
company. The operations, jobs and future of Tampereen Laatukoneistus are thus
secured, says Tapio Pajunen. Tapio Pajunen will continue as Managing Director
until the end of the transition period.
The turnover and operating profit for the company during the 1st May-30th April
2006 financial year were as follows (FAS):
(EUR 1,000)
Turnover 5,559
Operating profit 750
Balance sheet (30th April 2006):
(EUR 1,000)
Non-current assets 1,099
Stocks 1,385
Receivables and
financial assets 1,260
Total 3,744
Equity 1,649
Creditors 2,095
Total 3,744
As a result of the IFRS recording system, the trade is only expected to have a
minimal effect on the current year's net profit, equity per share and earnings
per share of Panostaja group. The trade has no significant effect on the equity
ratio of the group.
PANOSTAJA OYJ
Olli Halmevuo
CEO
For further information, please contact
Mr. Olli Halmevuo, CEO, Panostaja Oyj, tel. +358 (0)3 263 4300 or +358 (0)40 545
3767.
Panostaja Oyj is a multi-sector holding company. The company invests in Finnish
small and medium-sized enterprises operating within traditional industries.
Investments are mostly carried out through acquisitions. Panostaja Group invests
business resources and strategic know-how in companies with the aim of
developing the target company into a strong player in its field at which point
it will continue operations as an independent growth company. Panostaja Group's
net turnover in 2006 was €57.8 million. At present, the group operates in ten
business areas.