Ratos's wholly owned subsidiary Hägglunds Drives has concluded an
agreement to acquire the operations of the American company Rineer
Hydraulics Inc. The purchase price amounts to approximately USD 23
million. As a result of this acquisition, Hägglunds Drives will
strengthen its product range and position in the North American
market.
Hägglunds Drives will acquire the operations of Rineer Hydraulics
through a net asset purchase. Rineer Hydraulics manufactures and
sells hydraulic motors for applications in oil drilling, transport,
agriculture, building and construction. The company shows strong
growth with good profitability. Sales in 2007 totalled approximately
USD 12m and the company reported an operating profit (EBITA) of
approximately USD 3m. The head office is in Texas, USA, and the
company has 80 employees.
- Hägglunds Drives CEO Per Nordgren comments on the acquisition:"The acquisition of Rineer Hydraulics complements and strengthens our
product range as well as consolidating our position in the American
market. In future we will also be able to offer Rineer's products to
a global market through our strong global sales organisation."
Hägglunds Drives is a leading international supplier of complete
hydraulic drive motors and drive systems. The largest customer
segments include the mining, materials handing, marine and offshore
industries. The company has subsidiaries in 16 countries. In 2007,
Hägglunds Drives achieved sales of SEK 1,761m and reported an
operating profit (EBITA) of SEK 360m. Ratos's stake in Hägglunds
Drives amounts to 100%.
Ratos will not provide any capital in conjunction with the
acquisition.
For further information, please contact:
Stig Karlsson, Industrial Advisor Ratos, +46 8 700 17 00
Per Nordgren, CEO Hägglunds Drives, +46 660 87 001
Clara Bolinder-Lundberg, Head of Corporate Communications Ratos, +46
8 700 17 63
Financial calendar from Ratos:
Interim Report January - March 2008 8 May
2008
Interim Report January - June 2008 22
August 2008
Interim Report January - September 2008 7 November
2008
Ratos is a listed private equity company. The business concept is to
maximise shareholder value over time by investing in, developing and
divesting primarily unlisted companies. Ratos offers investors a
unique investment opportunity. The equity of Ratos's investments is
approximately SEK 12 billion and a market capitalisation of
approximately SEK 33 billion. Ratos's holdings include AH Industries,
Anticimex, Arcus Gruppen, Bisnode, Camfil, Contex, DIAB, EuroMaint,
GS-Hydro, Haglöfs, HL Display, HÅG/RH/RBM, Hägglunds Drives, Inwido,
Jøtul, Lindab, MCC, Medifiq Healthcare, Superfos and Other holdings.
