Kitron completes acquisition of BB Electronics
(2022-01-10) Kitron has completed the acquisition of 100 percent of the shares of BB Electronics A/S, which was announced on 20 December 2021.
"This transaction fits perfectly with Kitron's growth strategy. BB Electronics is a profitable company, which adds attractive geographies to the Kitron group and is expected to create significant value for Kitron shareholders. Its well-run operations will continue with little change, but we will immediately identify potential cost savings from coordinating purchases," said Peter Nilsson, President and CEO of Kitron.
The acquisition took place in accordance with the transaction agreement. BB Electronics will be consolidated into Kitron's financial reporting as of January 2022.
BB Electronics has about 750 employees in Denmark, the Czech Republic and China and had revenues of about DKK 1,000 million (approximately NOK 1,350 million) in 2021.
For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Cathrin Nylander, CFO, tel: +47 900 43 284
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, China and the United States. Included the acquisition of BB Electronics in January 2022, Kitron has about 2 500 employees, and pro forma revenues were about NOK 5 billion in 2021. www.kitron.com
Cautionary note regarding forward looking statements
This release contains forward-looking information and statements relating to the business, performance, and items that may be interpreted to impact the results of Kitron and/or the industry and markets in which Kitron operates.
Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties, and assumptions, and may be subject to change without notice.
Forward-looking statements are not guaranteeing any future performance, and risks, uncertainties and other important factors could cause the actual business, performance, results or the industry and markets in which Kitron operates in to differ materially from the statements expressed or implied in this release by such forward-looking statements.
No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted performance, capacities, or results will be achieved, and readers are cautioned not to place any undue reliance on any forward-looking statements.
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