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