Image Systems AB, the mother company of RemaSawco, has concluded an agreement to acquire 100% of the shares outstanding of the Finnish company Limab Oy. The transaction is expected to close on 8 June 2018, as RemaSawco Oy says in the press release received by Lesprom Network.
The company is acquired on a debt-free basis Euro 6.1 million, the initial purchase money amounts to Euro 4 million. Additional purchase money will be paid over a period of two years on the condition that Limab Oy’s current shareholders remain employees of the company.
The acquisition will be financed by a bank loan in the amount of SEK 41.2 million ($4.7 million) and a seller’s promissory note in the amount of SEK 21.6 million ($2.5 million). The transaction is expected to have a positive effect on Image System’s earnings per share in the current year and going forward.
“We are very happy to integrate ourselves with Image Systems and its subsidiary RemaSawco, a leading company in our industry, with which we share the vision of leading the development of the Digital Sawmill,” says Juho Virta, the majority shareholder and development chief of Limab Oy.
”Our strategic plan for growth includes acquisitions as well as organic growth in the form of new products. The acquisition of Limab serves both of these purposes as we will acquire market shares as well as complement our own product offerings with new products that are a good fit with our ambition to lead the development of the Digital Sawmill of the future,” says Johan Friberg, President and CEO of Image Systems.
After the acquisition Limab Oy will change its corporate name to RemaSawco Oy.
Image Systems AB is a Swedish group, listed on the Stockholm Nasdaq stock exchange, which provides non-contact measurement products and systems worldwide.
