STOCKHOLM, Jan 31, 2017 /PRNewswire/ --
Nordic Waterproofing Finland has today acquired 100 percent of the shares in the Finnish company SPT-Painting Oy ("SPT"). The company operates in the fast growing floor coating market, providing floor coating installation services for construction, ship building and industrial customers.
SPT was established in 1990 and is one of the leading coating companies with a significant share of the Finnish market for floor coating. Customers consists primarily of construction companies and shipyards and their contractors. The company's operations are based in Helsinki, with 20 employees and annual sales of about SEK 80 million.
The purchase price is approximately SEK 31 million and the transaction will be financed by Nordic Waterproofing's available cash. SPT will be integrated in the business unit Finland and be consolidated in the Nordic Waterproofing accounts as from 31 January 2017. The acquisition is expected to have a marginal positive impact on the earnings per share of Nordic Waterproofing in 2017.
"The acquisition of SPT is in line with our strategy to strengthen Nordic Waterproofing's position in main markets by product portfolio and segment expansion", commented Martin Ellis, CEO of Nordic Waterproofing. "SPT has a strong market position and we expect to find good synergies as our operations in Installation Services share the customer base with SPT. It is easy to offer floor coating to the same customers that we now offer roofing contracting. Nordic Waterproofing will become a more important partner as we are offering products and services for roofing as well as floor coating. In addition, the ship building industry is a stable customer segment. Outlook for the Finnish ship building business is very good, with the leading shipyard reporting 30 percent growth potential the next five years."
Harri Vesterinen, Managing Director at SPT-Painting said: "We believe that SPT is well positioned to grow in line with the overall floor and deck coating contract work market, and as a part of Nordic Waterproofing we are able to further speed up our plans and entering new geographical markets."
"I am very pleased that the current management team of SPT-Painting will continue to develop the business. They and their colleagues have an excellent knowledge of their industry and have the ability to efficiently carry out several large simultaneously running projects. We welcome all new employees and customers to the Nordic Waterproofing group", said Martin Ellis, CEO of Nordic Waterproofing.
This information is such that Nordic Waterproofing Holding A/S is obliged to make it public pursuant to the EU Market Abuse Regulation. The information submitted for publication, through the contact person set out below, on 31 January 2017, at 11.45 a.m. CET.
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SOURCE Nordic Waterproofing Holding A/S