Atle Industri, which is 50%-owned by Ratos, has signed an agreement to sell its wholly owned subsidiary Nordhydraulic to the German company Hydac. The deal will generate an exit gain of approximately SEK 100m for Ratos (exit gain of SEK 200m for Atle Industri).
Nordhydraulic develops, manufactures and markets customer-adapted hydraulic valves for mobile applications, such as in truck-mounted cranes, front-loaders, wheel loaders and articulated loaders. Customers consist primarily of OEM manufacturers in Europe, Asia and the USA. The company posted an operating profit of SEK 27m in 2007 on sales of SEK 253m.
The sale will give rise to an exit gain of SEK 200m for Atle Industri. For Ratos, the sale will entail an exit gain of approximately SEK 100m.
- "In business terms this is an excellent deal which will give Nordhydraulic access to Hydac's worldwide organisation and where the two companies' product programmes complement each other very well," comments Atle Industri's CEO Hans Åke Norås.
Nordhydraulic is part of Atle Industri, which is jointly owned by Ratos and 3i. Nordhydraulic is the last portfolio company in Atle Industri, which was established in 2001. Atle Industri will therefore no long be reported as a Ratos holding. The average annual return on Ratos's total investment in Atle Industri was 10%.
The sale of Nordhydraulic is conditional on approval by the pertinent competition authorities.
For further information, please contact:
Arne Karlsson, CEO, Ratos, +46 703 79 79 79
Hans Åke Norås, CEO Atle Industri, +46 703 280 280
Clara Bolinder-Lundberg, Head of Corporate Communications, Ratos, +46 8 700 17 63