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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
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Delayed Nasdaq Stockholm  -  11:29 2022-09-23 am EDT
30.50 SEK   -1.61%
09/19FERRONORDIC AB(OM : FNM) dropped from S&P Global BMI Index
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09/15Ferronordic and Sandvik enter into distributor agreements for Germany and Kazakhstan and terminate agreements for Russia
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Ferronordic : Press Release - Ferronordic expands network in Germany with acquisition of workshop in Nordhausen

02/04/2021 | 08:17am EDT
Press Release - Ferronordic expands network in Germany with acquisition of workshop in Nordhausen 4 February 2021

Ferronordic has signed an agreement to purchase the business of Bus und Truck Service GmbH, an authorised Volvo and Renault Trucks workshop in Nordhausen in central Germany. The acquisition is in line with Ferronordic's strategy to expand and improve its service network in Germany. Over the last three years, Bus und Truck Service GmbH generated an average revenue of around EUR 1.5m (*SEK 15m) per year, with an estimated adjusted operating margin of approx. 10%.

Bus und Truck Service GmbH provides service and repairs of trucks, trailers and buses in Nordhausen, Thüringen. The company has 14 employees, mainly mechanics. The workshop is strategically located on the A38 Autobahn between Kassel and Leipzig, connecting several German federal states.

The transaction is structured as an asset deal, where Ferronrodic purchases inventories, tools and equipment from the seller. Ferronordic will also employ most of the team at Bus und Truck Service. The real estate is not included in the transaction and will be leased by Ferronordic.

The total purchase price amounts to EUR 0.65m (*SEK 6.6m), of which EUR 0.45m (*SEK 4.6m) corresponds to the expected net value of the purchased assets and EUR 0.2m (*SEK 2.0m) is goodwill. The transaction is expected to be completed by May 2021. The workshop will then be integrated into Ferronordic's German business.

Lars Corneliusson, Ferronordic's CEO, comments: 'The purchase of the workshop in Nordhausen is another step on our strategy to grow and improve our network in Germany. With this acquisition, we will add a workshop in a strategic location to further expand our service coverage, get closer to our customers and grow our aftermarket business. I look forward to welcoming our colleagues from Bus und Truck Service GmbH to Ferronordic.'
*According to the EUR/SEK exchange rate per 4 February 2021.
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About Ferronordic
Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer of Volvo Construction Equipment and certain other brands in all of Russia and Kazakhstan, aftermarket partner of Volvo Trucks and Renault Trucks in part of Russia, and dealer of Volvo Trucks and Renault Trucks in part of Germany. The company also offers contracting services where it owns and operates equipment to carry out works for customers. Ferronordic began its operations in 2010 and now has more than 90 outlets and about 1,400 employees. Ferronordic's vision is to be regarded as the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com

For Media Relations, please contact:
Ceren Wende, Director, Marketing & Communication, Tel. +46 73 658 59 80, or ceren.wende@ferronordic.com

For Investor Relations, please contact:
Erik Danemar, Group CFO and Head of Investor Relations, Tel. +46 73 660 72 31, or erik.danemar@ferronordic.com

The information was submitted for publication on 4 February 2021, 14:00 CET.

Disclaimer

Ferronordic Machines AB published this content on 04 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 February 2021 13:16:09 UTC.


© Publicnow 2021
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Financials
Sales 2022 5 947 M 528 M 528 M
Net income 2022 137 M 12,2 M 12,2 M
Net Debt 2022 405 M 36,0 M 36,0 M
P/E ratio 2022 3,38x
Yield 2022 2,33%
Capitalization 443 M 39,4 M 39,4 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,14x
Nbr of Employees 1 818
Free-Float 63,6%
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Last Close Price 30,50 SEK
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Managers and Directors
Lars Corneliusson President, Chief Executive Officer & Director
Erik Danemar Chief Financial Officer & Head-IR
Staffan Jufors Chairman
Erik Eberhardson Independent Director
Annette Brodin Rampe Independent Director
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