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AF : ÅF acquires Solid Engineering AS

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09/30/2016 | 03:31am EST

For further information:

Per Magnusson, President, Industry Division, +46 70 676 64 26

As part of ÅF's growth strategy and ambition to strengthen its position in the sector Transmission and Distribution, ÅF is acquiring the Norwegian energy technology consulting company Solid Engineering AS. 

Solid Engineering AS was founded in 2002 and provides strategy and engineering consulting services for the Norwegian energy market.

The company's core expertise includes project management, construction management and quality and safety assurance of high-voltage power lines. Its largest client is Statnett SF.

"Norway is a priority growth market for ÅF. Together, ÅF and Solid will be a leading supplier of engineering consulting services to the Nordic energy market, creating added value for both clients and employees," said Per Magnusson, President, Industry Division, ÅF. 

"Solid has been supplying high quality engineering services on the Norwegian market since the company started back in 2002.  Solid will now join one of the Nordic region's largest and most proficient engineering teams. We're looking forward to being part of ÅF and generating new business together," commented Tor Magne Johansen, CEO of Solid Engineering AS.

Solid Engineering AS and its subsidiary Solid Consult AS, which is also included in the acquisition, have a combined total of around 70 employees and sales of approximately NOK 100 million. The companies will continue to be based in Molde.

Solid Engineering will be consolidated as of 1 October 2016, and will be integrated in ÅF's Industry Division.

ÅF is an engineering and consulting company with assignments in the energy, industrial and infrastructure sectors, creating progress for our clients since 1895. By connecting technologies, we provide profitable, innovative, and sustainable solutions to shape the future and improve people's lives. Building on our strong base in Europe, our business and clients are found all over the world.

ÅF - Innovation by experience

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ÅF AB via Globenewswire

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Sales 2019 16 222 M
EBIT 2019 1 381 M
Net income 2019 1 014 M
Debt 2019 3 955 M
Yield 2019 3,69%
P/E ratio 2019 13,85
P/E ratio 2020 12,10
EV / Sales 2019 1,00x
EV / Sales 2020 0,90x
Capitalization 12 295 M
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