DK-5471 Soendersoe, 2015-04-07 11:29 CEST (GLOBE NEWSWIRE) --
Since the start of the injection moulding production in China back in the year 2000, IFU has owned 25 % of the company SP Moulding (Suzhou) Co., Ltd. through SP International A/S.
The parties have agreed that SP Moulding A/S, CBR no. 63459715, acquires IFU’s shares at a price of DKK 6.5 million, largely equal to the equity value.
The acquisition will have no effects on SP Group’s expectations as to this year’s revenue and profit before tax and minorities, as SP International A/S up to now has been consolidated in SP Group A/S.
Earnings per share is expected to be marginally positive affected in 2015.
Frank Gad says: “We have been satisfied with the cooperation with IFU and IFU has been an excellent partner for us in China in every respect. We want to express our special thanks to the Regional Director of IFU in Beijing, Mrs. Hong Jiang, who has made great and valued efforts in the Board of Directors in SP Moulding (Suzhou) Co., Ltd. over the years.”
In the Board of Directors Mrs. Hong Jiang will be replaced by Managing Director at Tinby A/S, Mr. Torben Nielsen.
The Board of Directors’ further members are Chief Executive Officer Frank Gad and Mr. Jan R. Sørensen, present Managing Director of SP Moulding (Suzhou) Co., Ltd.
