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Share 2016-09-29 17:29 RATOS B 40.64 SEK

Jøtul acquires Polish business partner

2006-10-20

The Norwegian fireplace and stove manufacturer Jøtul has acquired Scan Forum, Jøtul's importer and distributor in Poland for the past 15 years. Scan Forum owns ten retail outlets and has a wide network of independent retailers throughout Poland. The company also manufactures heated air distribution systems for installation together with Jøtul's range of fireplace products.
 
  "The acquisition of Scan Forum represents an important step in Jøtul's growth strategy for Eastern Europe," says Mr. Erik Moe, Managing Director of Jøtul. "Over a period of many years, Scan Forum has built up knowledge about the market and our products. Going forward, this experience will be a valuable asset in our Eastern European expansion."
                                                                                                                      
Scan Forum has 43 employees and annual sales of around SEK 30 million. Together with Jøtul, the company will develop its operations into a sales/marketing and distribution hub for the Jøtul Group's Eastern European markets.
 
Jøtul, founded in 1853, has increased its sales by an average of 10% annually over the past ten years. The company's products are sold globally, primarily through specialist stores but in certain markets also through DIY outlets. Jøtul has a market share of around 25% in Scandinavia and a global market share of close to 10%.
 
The Jøtul Group forecasts sales of NOK 900 million for 2006. The acquisition of Scan Forum is expected to make a positive contribution to consolidated earnings already this year.
 
Ratos' holding in Jøtul amounts to 62.5%.
 
For further information, please contact:
Erik Moe, Managing Director of Jøtul, +47 906 92 419
Anna-Karin Celsing, Head of Corporate Communications, Ratos, +46 70 399 62 39
Bo Jungner, Senior Investment Manager Ratos, +46 8 700 17 77