EANS-Adhoc: Kardex AG acquires Scandinavian Element Storage Systems AS
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
16.04.2009
Kardex AG has signed an asset purchase agreement to acquire the activities aligned to Kardex and Stow products of Scandinavian distributor Element Storage Systems AS. Element Storage Systems AS based in Kløfta near Oslo achieved sales of approximately EUR 11 million with Kardex and Stow products in the 2008 financial year and has a workforce in this field of activity of around 20 people. The transaction will be completed on May 6, 2009 subject to the approval of the Norwegian competition authority. The purchase price will not be disclosed.
Element Storage Systems AS is one of the leading suppliers of computer-controlled, automatic Kardex storage, supply and distribution systems in the Scandinavian market and it markets the static storage systems of the Stow division in Scandinavia under the brand 'Arkiv & Lager'.
Under the planned transaction, Kardex AG will strengthen its present distribution company Kardex Scandinavia AB with a sales organisation on the Scandinavian market focused on Kardex and Stow products.
Agenda April 21, 2009 General Meeting of Shareholders
Kardex Remstar International Group Australia, Austria, Belgium, China, Cyprus, Czech Republic, Finland, France, Germany, Great Britain, Hungary, India, Ireland, Italy, Malaysia, Netherlands, Norway, Poland, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Turkey, US.
Disclaimer This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex´s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex´s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex Group companies´ websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
end of announcement euro adhoc
Further inquiry note:
Jos De Vuyst, Chief Executive Officer
jos.devuyst@kri-group.com
Tel. +41 (0) 44 386 44 15
Gerhard Mahrle, Chief Financial Officer
gerhard.mahrle@kri-group.com
Branche: Heavy Engineering
ISIN: CH0018263415
WKN: 1826341
Index: SPI, SPIEX, SSCI
Börsen: SWX Swiss Exchange / regulated dealing