Xano Industri (STO: XANO B) gained over 20% Thursday action after publicizing a deal to acquire two mid-sized workshops in southern Sweden in ÅGES Industrier i Unnaryd AB and ITB Teknik i Unnaryd AB. Purchase price for the two entities is 366 million in cash plus commercial paper of 100 million with five-year duration.
The companies have assets of some 250 million, 150 million of which is equity. Xano expects a contribution of 4-5 SEK per share into 2013 earnings from the two firms from projected sales of some 400 million. Cash flow effect on Xano for 2012 will be some 340 million SEK.
ÅGES Industrier has topped 450 million SEK in annual sales last couple of years by itself with over 130 employees. The company is very solid and has maintained good margins on its die-casted aluminium components.
ITB Teknik AB also mainly does refining of aluminium casting by means of machining and assembly. Its products are used in everyday items with customers in electronics, automotive and white goods industries. Turnover is around 65 million SEK and employee count was at 118 when last updated according to their website.
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