The Solar Group's subsidiary, Solar Polska Sp. z o.o., has entered into an
agreement about the acquisition of parts of the operations in Agat-System,
Gdansk in Poland.
Agat-System operates as an electrical wholesaler with tele/data/security as the
primary business area. The part of the company, which Solar Polska has
acquired, showed revenue of € 6.5m in 2009, corresponding to almost 30% of
Solar Polska's revenue in the same period.
The operations will be carried on at the existing location in Gdansk, and Solar
Polska will take over 15 employees.
Strengthened market position
With the acquisition, Solar A/S follows up on one of its strategic focus areas,
which is to create growth through acquisitions as well as to increase
geographical coverage in the markets in question. This will further strengthen
the market position and, in this case, the market position in the Polish
market.
The acquisition means that Solar Polska will strengthen its competencies
considerably within tele/data/security.
As mentioned in the Q3 report, which was just published, Solar Polska recently
opened a branch in the capital Warsaw. Both the opening of the branch and the
new acquisition should be seen in the light of our wish to establish Solar
Polska as a more powerful player in the market.
Financial consequences
The acquisition price of the operations in the form of parts of inventories as
well as customer lists is € 0.5m. The acquisition was financed by withdrawals
from the Solar Group's liquid reserves, and it does not affect financial
expectations announced for 2010.
Yours truly,
Solar A/S
Flemming H. Tomdrup
