Momentum
Momentum Group acquires LocTech - strengthens its offering in sealing technology
Momentum Group has today, through its subsidiary Momentum Industrial, signed an agreement to acquire 100 percent of the shares in LocTech AB. LocTech is a comprehensive supplier of seals for rotating and static applications, and the acquisition strengthens Momentum Industrial's position in the field. Closing is expected to take place 1 March and the acquisition is estimated to have a marginal positive impact on Momentum Group's earnings per share during the current financial year.
– Company acquisitions are an important part of Momentum Group's growth strategy, and we work focused on carrying out acquisitions at different levels within the group. The subsidiaries that meet the group's profitability target of at least 45 percent EBITA/WC can work with acquisitions to strengthen their offer or expand geographically. Momentum Industrial's acquisition of LocTech strengthens their offer in an important segment, says Ulf Lilius, President and CEO of Momentum Group.
– LocTech solves problems related to sealing technology – and so do we at Momentum Industrial. Through the acquisition our two companies will have an even stronger offering in mechanical shaft seals, gaskets and compensators for the manufacturing industry – where we work with the same customers, says Jimmy Norlinder, managing director at Momentum Industrial.
LocTech was founded in 2002 by Niklas Öman. The company takes the overall responsibility for a proof facility, works dedicated together with the customers to create the best conditions to develop maintenance work, increase operational reliability and thus increase their profitability. The company offers seals for rotating and static applications. Their product groups include mechanical shaft seals, gaskets in fiber materials, graphite, PTFE and metal as well as compensators in fabric, steel and rubber. LocTech has operations in Stenungssund, Växjö and Piteå, has an annual turnover of approximately SEK 13 million and 6 employees. LocTech will become part of Momentum Industrial and will be run as an independent subsidiary and competence center under the current management.
– We look forward to being part of the Momentum Group. Their vision of being the customer's best sustainable choice is close to us. For us, it is also about offering the best solution that is both profitable and sustainable for our customers. Together with Momentum Industrial, we are further strengthening our offer to our customers – which hopefully creates opportunities to continue developing the company, says Niklas Öman, founder and owner of LocTech.
| Datum | 2023-02-15, kl 15:00 |
| Källa | MFN |
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