1999-04-14

Bin?r acquires Sydost-Teknik AB


Bin?r acquires Sydost-Teknik AB
Bin?r has signed a letter of intent to acquire 100% of the shares in Sydost-Teknik in Sv?ngsta, Sweden. Sydost-Teknik deals with control engineering within a wide range and also has a 50 % ownership in an associated company (not consolidated) dealing in simulation technology. Sydost-Teknik will supplement Bin?r?s competence in several fields. Turnover for 1998 was 6 MSEK with a positive result. The company is in an expanding stage. In combination with Bin?r?s resources in Trollh?ttan and V?xj?, our judgement is that the company has good potential. The letter of intent means that the deal will be closed after a customary due diligence process. The purchase price consists of one part in cash and an additional part depending on the result of the company for 1999 and 2000. The present owner of the company Mr. Bo Johnsson will continue as the Managing Director of the company.

 
 
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