Piping system company GS-Hydro has grown strongly in Europe, North America and Asia in recent years. In 2005 sales amounted to EUR 69 million and EBITA to EUR 4 million.
The acquisition of Seth Service, with annual sales of NOK 11.5 million, will increase GS-Hydro's Norwegian presence. With Seth Service GS-Hydro takes one step further towards becoming a complete supplier of piping and hoses systems. The total purchase price for the company amounts to NOK 10.0 million.
GS-Hydro Norway's Managing Director Bjørn Morten Olesen comments: "The acquisition is according to our strategic growth plan and it will both accelerate the launch our new product range, industrial hoses, as well as strengthen our local presence in mid Norway. The acquisitions have a clear industry logic which in addition to enhancing the product range will further improve services to our customers."
GS-Hydro, which is a fully owned subsidiary of Ratos, is a leading supplier of non-welded piping systems. Products are mainly used in the marine and offshore industries as well as in the pulp and paper, metals and mining, automotive, aerospace and defence industries. The head office is located in Finland. GS-Hydro and Seth Services together have approximately 320 employees.
For further information, please contact:
Leif Johansson, Senior Investment Manager Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 703 99 62 39
Bjørn Morten Olesen, Managing Director GS-Hydro Norway AS, +47 63 86 66 40