ITAB, one of the major players in the shop fitting industry in Europe, has acquired the remaining 49% minority shareholding in Prolight Försäljning AB which becomes a fully-owned subsidiary of Nordic Light AB which has been part of the ITAB Group of companies since September 2011.
Prolight sells lighting products, primarily in the Nordic markets. In 2011, the company reported net sales of SEK 87 million and an operating profit of SEK 8.4 million. It currently employs 14 people.
The cash consideration is SEK 16 million, which is slightly more than a visible net asset value, plus additional consideration. The takeover date is 27th April, 2012. The acquisition is expected to have a marginal positive impact on earnings per share.
"Prolight holds a strong position in the Swedish store lighting market and, as a link between Nordic Light and ITAB's other store fitting companies, it will play a key role in enhancing the synergies for lighting within the Group," comments ITAB's CEO, Ulf Rostedt.
ITAB is the market leader in Europe at checkout and delivers over 20,000 checkouts a year to retailers. ITAB Shop Concept AB is listed on the OMX Nordic Exchange and supplies complete shop fitting and interior solutions to the food and non-food retail markets. Operations include project management, design, development, manufacturing and sales. The concept range includes shop interiors, primarily in wood and metal, as well as checkouts, entrance systems and lighting. The group has approximately 2200 employees and a turnover of 3 341,3 million SEK 2011.
This information was submitted for publication 27th of April, 2012 at. 16.15 am.
For further information, contact:
VD, Ulf Rostedt
Phone: +46 36 31 73 00
Mobile: +46 70 694 86 82