Business to business contract manufacturer PartnerTech (STO: PART) is acquiring heavy components maker Aerodyn AB from Morphic Technologies Ab (SO: MORP B). It will be consolidated in the business area Machining from Q2 2012 where its advanced machining expertise is expected to be complementary to PartnerTech’s current offering. Aerodyn was founded in 1989 and it is a leading subcontractor for large and medium sized ship propulsion and propeller systems including propellers, blades and shafts. It is AAA rated with annual sales of close to 40 million Swedish kronor. It has around 20 employees in Bofors Industrial Park, Karlskoga, where PartnerTech is also already active.
Morphic is divesting the company in order to strengthen its balance sheet and will report a small capital gain. After intercompany loan payments its balance sheet will be strengthened by around 16 million SEK. It is going through a major transition and aims to distribute the other subsidiary Cell Impact to shareholders and apply for a listing on an alternate list. The parent company Morphic also plans to look into the possibility of a reverse merger, where its large fiscal deficits might be useful. Some Nordic countries likely have a too lenient system on when an acquiring company is allowed to carry forward the losses of the business that is being acquired and it is interesting to see how these cases will be handled on an EU level later. Morphic has gained 18% for the day.
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