ETTEPLAN ACQUIRED A MAJORITY STAKE IN SWEDISH LUTAB
Etteplan Oyj has signed an agreement to acquire a majority stake in the Swedish
consultancy company Lutab Professor Sten Luthander Ingenjörsbyrå AB (publ)
(LUTAB).
LUTAB, established in 1961, offers a unique combination of competence within
advanced industrial technology. LUTAB also has unique competence within
dimensioning of structures in modern composite materials. Furthermore, LUTAB
provides system safety engineering, requirement engineering and verification of
advanced technical systems.
LUTAB's clients include developers, manufacturers and users within
high-technology industrial applications, primarily the aviation and defence
sectors as well as the vehicle and transport industries, but also within the
electronics industry and the power industry.
LUTAB has 35 consultants and around 20 experts linked to the company as
sub-consultants. The company has office in Stockholm. In 2006 LUTAB's revenue
amounted to SEK 39.2 million.
At the time of signing Etteplan acquires 83 percent of the shares and voting
rights from the main owners of the company. The minor shareholders can accede to
the agreement in which Etteplan has the ambition to increase to 100 percent. The
fulfilment of the transaction is subject to Etteplan acquiring over 90 percent
of the shares. The definitive purchase price will depend on LUTAB's equity
position as per 30 December 2007 as well as the financial performance during
2008 and 2009. The consideration will be in cash. The closing of the transaction
is expected to take place in January 2008.
LUTAB will become a part of Etteplan's Swedish operations and is planned to
continue as its own entity within Etteplan and to develop its business according
to jointly developed strategies.
The acquisition supports Etteplan's growth strategy within Europe to enforce
Etteplan's competence and market position especially within the aerospace
industry. LUTABs' operations support the service to Etteplan's existing key
customers within cutting edge technology. In addition the transaction further
strengthens the realization of synergies between Etteplan's companies.
According to Johan Westberg, CEO of LUTAB, becoming a part of a larger
consultancy group provides LUTAB better possibilities to carry out larger and
more demanding projects, to further develop and widen LUTAB's operation and to
enlarge the client base. As a consequence LUTAB's position in the market will
strengthen.
Etteplan is one of the largest companies in the Nordic Countries providing
industrial technology design and expert services. The company supplies
high-quality services for its customers for production and product development
processes. The core areas of expertise are mechanical engineering, automation
and information design as well as software development and electronics design.
In 2006, revenue of Etteplan Group amounted to EUR 101.7 million. The Etteplan
Group employs more than 2 000 persons in Finland, Sweden, Germany, Italy and
China.
Hollola, 26 October, 2007
Etteplan Oyj
Heikki Hornborg
CEO
For additional information, contact:
Etteplan Oyj, CEO Heikki Hornborg, tel. +358 400 873 063
Etteplan Industry, Tom Andersson, tel +46 70 568 0732 or
LUTAB, CEO Johan Westberg, tel. +46 73 358 72 37
DISTRIBUTION
OMX Nordic Exchange Helsinki
Principal media
www.etteplan.com