Lagercrantz acquires Thermod

Lagercrantz Group has acquired all shares outstanding in Swedish company Thermod AB and Polish company Ampol Serwis Sp.zo.o., with the wholly-owned subsidiary Thermod Polska Sp.zo.o. (Thermod).

Thermod develops, manufactures and sells niched doors in fibreglass-reinforced plastic material laminate with long life and high quality for cooling and freezing rooms or environments in humid and hygiene-sensitive areas with stringent requirements. Sales are divided on Sweden (60%), Poland (30%) and other countries in Northern Europe (10%). Most customers are found in the food processing industry, in the food retail trade and among institutional kitchens as well as in hospitals, indoor swimming pools and the like. Thermod has total annual sales of over MSEK 55 with good profitability.

Lagercrantz is a technology group in the areas of electronics, electricity, communication and related fields. The Group’s companies deliver all its specialised products and solutions to other companies (B2B) and several of the companies are world-leaders in their respective niches. Lagercrantz is active in eight countries in Northern Europe and in China. The Group has about 800 employees and revenue of approximately MSEK 2,300. The Company’s shares are listed on NASDAQ OMX Stockholm since 2001.

The business is organised in four divisions. Division Electronics offers special products in embedded electronics, industrial wireless communication, RFID and lighting control. Division Mechatronics offers electric connections systems, electric installation materials, electric and electro-mechanical components and cabling. Division Communications offers products, systems, services and support in network access, digital image transmission/technical security, and software. Division Niche Products is the Group’s new division from April 2012. Here a number of interesting market positions will be built up primarily by acquiring profitable companies in interesting niches and with a large element of proprietary products.

“Thermod is a product company with a leading position in its niche in Sweden and has a strong position in Poland. The business has for several years displayed strong development and as owners it is our intention to continue to focus on special doors in the Nordic Region and Poland. Thermod is the fifth niched product company in the building of our new division Niche Products”, says Jörgen Wigh, President & CEO of Lagercrantz Group, in a comment.

Thermod will become a part of Lagercrantz Group’s division Niche Products from August 2012. The acquisition is expected to generate a small contribution to consolidated earnings per share on an annual basis.

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