26th of November, 2008
Opus Prodox AB (publ), through its wholly-owned subsidiary Opus EWJ Svenska AB,
has signed an agreement today to take over Bilmateriel AB's (BIMA) operations
within sale of workshop equipment to both Volvo dealers as well as to
independent garages. The business generates an annual turnover of around SEK 100
million with good profitability. Furthermore, the parties have signed a
five-year cooperation agreement with regard to the future development of the
workshop concept at Volvo dealers. The takeover is expected to have a positive
impact on earnings per share following the transfer of the operations.
“The takeover of BIMA's activities is a part of Opus' growth strategy and
positioning for the forthcoming liberalization of the vehicle inspection market
in Sweden. Opus is a company engaged in related activities to BIMA through our
business segment Automotive Test Equipment, but which lacks the part that BIMA's
workshop equipment represents. Through the takeover of BIMA's operations, Opus
becomes a one-stop-shop supplier of workshop equipment for the Swedish market”,
says Magnus Greko, President and CEO of Opus.
BIMA was founded in 1933 and is a leading supplier of machinery, tools,
consumables and tyres to the Swedish workshop industry. The company is owned by
Volvo Personbilar Sverige AB (VPS) and has been a customer of Opus for the last
18 years.
“It is Volvo Cars absolute conviction that the five-year cooperation agreement
signed in connection with the transfer, not only will contribute to further
common good development, but also constitutes a solid basis for continuity in
BIMA's business profile and service to Swedish Volvo dealers and other Swedish
garages”, says Thomas Andersson, CEO of Volvo Personbilar Sverige AB.
The agreement includes Opus taking over all BIMA's equipment activities within
the following product areas:
Lifts/hydraulic equipment
Tyres/wheel equipment
Test/lubricant/leakage equipment
Cleaning/pressure/welding equipment and interiors
as well as service and spare parts for these product groups.
The takeover includes the marketing and sale of above workshop equipment, which
has an estimated annual turnover of around SEK 100 million with good
profitability. Approximately 50 per cent of the sales are to customers outside
the Volvo dealership network - an area where Opus sees opportunity for growth.
Opus will take over the operations starting January 1, 2009. As a part of the
transition BIMA will transfer 18 existing Volvo employees, inventories of
workshop equipment and spare parts, the existing order backlog and the right to
use the BIMA trademark in some form of combination with the Opus brand.
The purchase price for the operations is not disclosed. The takeover will be
financed through new bank debt and credit facilities from Nordea Bank AB (publ).
The takeover is expected to have a positive impact on earnings per share
following the transfer of the operations.
Advokatfirman Glimstedt are Opus legal advisers in connection to the takeover.
This press info is available in Swedish at www.opus.se
For additional information, please contact
Magnus Greko, President and CEO
Opus Prodox AB (publ)
Phone: +46 (0) 31 748 34 91, +46 (0) 705-58 45 91
E-mail: magnus@opus.se
WEB: www.opus.se
Opus' Certified Adviser
Thenberg & Kinde Fondkommission AB
Box 2108
403 13 Göteborg
Phone: +46 317455000
Opus Prodox AB (publ) in Brief
The Opus Group is in the business of developing, producing and selling products
within Automotive Test Equipment, Vehicle Inspection Systems and Fleet
Management for the global market. The products include emission analyzers,
diagnostic equipment, brake testers, wheel alignment, automatic test lines,
vehicle databases, operation of vehicle inspection, fleet management systems,
electronic driver log systems and alco-locks. The Group sells its products in
more than 50 countries all over the world and currently employs around 150
persons. The turnover for 2007 was SEK 193 million pro forma (including
acquisitions). Opus share is listed on First North (Stockholm Stock Exchange)
under the ticker OPUS.
