XANO signs agreement to acquire Blowtech Group

18 December 2017 13:00


PDF-icon_small.png  Press release


XANO has today signed an agreement to acquire all the shares in Blowtech Group AB.

Blowtech is a leading Nordic player in technical blow moulding of plastics. Blowtech produces complex components for vehicles, construction machinery and infrastructure equipment. The company has built up a very strong market presence, particularly in the Nordic region, using its extensive experience of blow moulding acquired over many years. Blowtech Group has production facilities in Gnosjö, Sweden, and Kongsvinger, Norway, with a workforce of some 120 employees. The acquisition also includes LTBP Sweden AB, in whose property the Swedish operations are located. The business has a turnover of SEK 250 million with an operating margin of approximately 12% and a balance sheet total of SEK 200 million. The acquired operations are expected to contribute annual earnings per share of SEK 1.25.

The acquisition of Blowtech gives the XANO Group access to additional technical expertise in the field of plastics processing as well as to new market segments. The acquisition also allows potential synergies to be created through transfer of knowledge between the fellow subsidiaries, bringing greater strength to individual entities as well as expanding the joint market portfolio.

In conjunction with the acquisition, XANO’s Rotational Moulding business unit will undergo a restructuring process and will change its name to Industrial Products at the end of the year. Blowtech will become part of this along with Cipax and Ackurat.

The transaction is contingent on a confirmatory due diligence and is expected to be completed during January 2018. The purchase price, which is being paid partly in cash and partly through the transfer of company shares, amounts to approximately SEK 238 million on a debt-free basis. For settlement of the equivalent of SEK 20 million of the purchase price, XANO’s Board of Directors has decided to utilise the general meeting’s authorisation for acquisitions and transfers of the company’s own shares, which is valid until the 2018 Annual General Meeting. Current holdings of shares of the company amount to 280,000 Class B shares, which is also the highest number of shares that can be transferred. The price for the shares will be set at the listed price on the transfer date. 


Lennart Persson, CEO
+46 36 31 22 33