Ages Industri AB (publ) (“AGES”) has on 3 May 2017 acquired all shares in Hörle Automatic Gruppen AB (“Hörle Automatic”). Hörle Automatic is a well-established supplier in cutting, pipe processing, welding, castings and forging. The company has operations in Hörle (just north of Värnamo) and in Ningbo, China.
The customers can be found in industries such as vehicles, warehouse trucks, agricultural equipment, and industry. The group employs a total of 130 people and had a turnover of SEK 212 million last year.
The purchase price amounts to SEK 150 million, which is partly paid in cash with SEK 120 million, and partly with 240,000 newly issued shares in AGES for a total value of approximately SEK 30 million.
Hörle Automatic broadens AGES’s customer offering within cutting processing and provides an entry into partially new market areas. Hörle complements existing operations well both in terms of production technology and competence. A close collaboration with other companies in the group is expected to strengthen AGES’s position on the market and enable new business. Through the acquisition, AGES also gains access to new interesting customers as well as an established operation in China.
AGES’s operations mainly include aluminum and zinc die-casting, metal cutting, and assembly. Production is concentrated on component manufacturing in larger series with a high proportion of sales to the automotive industry. AGES B share is listed on Nasdaq Stockholm First North.
Moll Wendén has advised AGES in the transaction.