Addtech acquires Elteco AS
Addtech Energy & Equipment, a business area in the Addtech Group, has today signed an agreement to acquire all shares outstanding in Elteco AS.
Elteco is a technology trading company active in two main areas, products for electrical power distribution and products for automation. The company represents global leading suppliers within these product areas and Elteco commands a solid position in the Norwegian market in its customer and product segments.
Elteco will become part of the business unit Energy Supply, providing key products to augment the Addtech Group’s sales of electrotechnical products in the Norwegian market. Elteco has nineteen employees and revenue of approximately NOK 80 million.
The closing will take place 1 April 2011 after approval is obtained from the appropriate authorities. The acquisition is estimated to have a marginally positive effect on Addtech’s earnings per share during next fiscal year.
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