Fagerhult acquires I-Valo Oy
In order to further strengthen the Fagerhult Group position in the European lighting market as well as adding a complementary product range, Fagerhult has acquired 100% of the shares of I-Valo Oy based in Iittala, Finland. The acquisition is expected to have a positive effect on the earnings per share during 2013 and forward.
I-Valo has 60 employees and manufactures lighting fixtures and solutions primarily for industrial applications located in very demanding conditions. Example application areas include paper & pulp, mining & minerals & metal and (bio-)energy industries. In 2012 the company had sales of 10 MEUR and profitability above the Fagerhult Group average.
“Our strategy is to become a clear leader in the European lighting industry. With this acquisition we will strengthen our Nordic base while also gaining access to a product leader within the Industrial applications segment. We expect I-Valo to grow within its current attractive niche, but also provide a platform to grow into adjacent lighting segments that also require lighting solutions operating in very demanding conditions - such as the marine & offshore segment.”, comments Johan Hjertonsson CEO Fagerhult.
Fagerhult pays a price of MEUR 9 on a cash and debt free basis, for 100% of the shares in I-Valo.
More information on I-Valo is available at www.i-valo.com.
Habo June 11, 2013
Fagerhult is one of Europe’s leading lighting groups with approximately 2,200 employees and operations in 20 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, Ateljé Lyktan, LTS, Whitecroft Lighting and Designplan Lighting. AB Fagerhult is listed on the Nasdaq OMX Nordic Exchange in Stockholm.