As previously communicated on 10 March 2021, Nordic Waterproofing Group signed an agreement to acquire the Finnish company Seikat Oy ("Seikat"). Today, as planned, 84 percent of Seikat was acquired.
Seikat was established 2013 and is headquartered in Ylistaro. The company designs, manufactures, markets and installs long-span (15 - 24 meters) wooden prefabricated roof panels to industrial buildings, warehouses, public and commercial buildings. Seikat has 21 employees and an annual turnover of ca EUR 4 m. This acquisition is part of NW's strategy of promoting sustainable, wood-based building solutions. Entering the Finnish market in this field is an important step in extending our relevant footprint beyond Denmark and Norway.
Nordic Waterproofing Holding AB's Finnish subsidiary Nordic Waterproofing Oy has today acquired 84 percent of the shares in Seikat Oy. The remaining 16 percent of the shares can be acquired in 2023. The acquisition is financed through Nordic Waterproofing's existing credit facilities. The acquisition is expected to have a minor positive effect on Nordic Waterproofing's earnings per share in 2021 within the segment Products & Solutions.
"Nordic Waterproofing's strategy is to promote sustainable building solutions, and to broaden our product and services offering. I am very pleased that with Seikat joining our Group we are able to increase our contribution to sustainability in construction in Finland. We appreciate that Seikat's management continue as minority shareholders and we welcome our new colleagues in Finland to Nordic Waterproofing" says Martin Ellis, President and CEO of the Nordic Waterproofing Group.
The information was submitted, through the agency of the contact person below, for publication on 1 April 2021 at 11:30 CEST.
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