Business News

Addtech acquires MiniTec Finland and MiniTec Estonia

Friday 02. May 2008 - Movetec Oy, a subsidiary in the Transmission business area within Addtech Group, has today signed an agreement to acquire all shares outstanding in MiniTec Finland Oy and MiniTec Estonia OÜ.

The companies sell profiles and linear systems for production lines and workplaces mainly to Finnish manufacturing industry. The companies represent leading suppliers in its product areas and command a strong position in its customer and product segments. The companies generate added value to customers in the form of application know-how. The companies have revenues of 1.6 million euro and have eight employees.

MiniTec Finland and MiniTec Estonia complement very well the Addtech Group’s business in mechanical and electro-mechanical components and systems for linear and rotating motions. The seller, Jarno Ruohonen, will remain in the management for the companies.

The acquisition is estimated to have a marginally positive effect on Addtech’s earnings per share during the current financial year. The closing have taken place today.