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2010-03-31 11:30:00 CEST 2010-03-31 11:30:02 CEST REGULATED INFORMATION Panostaja Oyj - Company AnnouncementTAKOMA EXPANDS INTO POWER TRANSMISSION BY ACQUIRING MOVENTAS' FACTORY IN PARKANOPanostaja Oyj Stock Exchange Bulletin, 31st March 2010, 12:30 TAKOMA EXPANDS INTO POWER TRANSMISSION BY ACQUIRING MOVENTAS' FACTORY IN PARKANO Panostaja Oyj's subsidiary Takoma Oyj has today signed an agreement to acquire the entire share capital of Moventas Parkano Oy, a company manufacturing power transmission components. The acquisition is expected to have a positive effect on Panostaja Group's result for the current financial period and Panostaja Group's turnover for the period is estimated to grow by approx. EUR 9 million. After the final financing of the acquisition has been realised, Panostaja Group's equity ratio will decrease some two per cent. Enclosed is the whole Takoma Oyj's stock exchange bulletin. PANOSTAJA OYJ Juha Sarsama CEO For further information, please contact Juha Sarsama +358 40 774 2099 Annex: Takoma Oyj's stock exchange bulletin 31st March 2010-03-30 “Takoma Oyj Stock Exchange Bulletin 31 March 2010 12:30 TAKOMA EXPANDS INTO POWER TRANSMISSION BY ACQUIRING MOVENTAS' FACTORY IN PARKANO Takoma Oyj has today signed an agreement to acquire the entire share capital of Moventas Parkano Oy, a company manufacturing power transmission components. This acquisition will expand Takoma's Subcon operational area into power transmission and double the net sales of the entire Takoma Group. Moventas Parkano's net sales in 2010 are estimated at approx. EUR 16 million, of which roughly EUR 9 million is estimated to be entered for Takoma's current financial year (1 November 2009-31 October 2010). The value of the transaction is approx. EUR 11 million. The sale price to be paid for the company's share capital is approx. EUR 4.7 million, in addition to which Takoma assumes the company's EUR 6.2 million net liabilities. The final sale price will be specified by 14 May 2010. Takoma will finance the acquisition of the share capital with its available funds. Moventas' Parkano factory specialises in delivering large, high-precision, induction-hardened steel gears, gear clutches and ring gears. In terms of the technology it utilises, the company is unique in North Europe. The company's primary customers are equipment manufacturers for the ship building industry, the offshore industry, the process industry and the energy sector. The factory employs 103 people in Parkano. The transaction is in line with Takoma's development strategy and will particularly strengthen the customer bases of Takoma Subcon and Takoma Hydraulics. After the acquisition, the different units of the group can provide their customers with a wider selection of components. The purchase gives Takoma the opportunity to streamline the use of production capacity in its various units. Moreover, the different manufacturing technologies complement each other and provide Takoma with a better foundation on which to implement its productive growth strategy. The Parkano factory will be incorporated into the Takoma Subcon operational segment. "We are pleased to include into Takoma a successful and well-known expert company whose customers, technology and production processes so well complement and fit in with our operations," Takoma's Managing Director, Mr Kimmo Korhonen, says. Mr Korhonen acted as the director of the unit to be acquired between 1995 and 1998 while being employed by the former Rauma Group. "I want to express my thanks to the management and employees of the Parkano factory for their good work and commitment to Moventas' shared goals in the course of our long history together. In accordance with its strategy, Moventas will focus on its core operations and brings its activities closer to its global client base. We believe that the Parkano factory will develop even more efficiently as part of the Takoma Group, a specialist in its own field," states President and CEO of Moventas, Mr Jukka Jäämaa. Moventas Parkano's net sales and business profit (FAS): -------------------------------------------------------------------------------- | (EUR 1,000) | | | -------------------------------------------------------------------------------- | | 11-31 Dec 2009 | 1 Jan-31 Dec 2008 | -------------------------------------------------------------------------------- | Net sales | 22,625 | 25,249 | -------------------------------------------------------------------------------- | Business profit | 2,769 | 3,652 | -------------------------------------------------------------------------------- Moventas Parkano's balance (FAS): -------------------------------------------------------------------------------- | (EUR 1,000) | | | -------------------------------------------------------------------------------- | | 31 Dec 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- | Permanent assets | 5,362 | 4,254 | -------------------------------------------------------------------------------- | Inventories | 3,282 | 5,070 | -------------------------------------------------------------------------------- | Receivables and current | 1,586 | 3,412 | | assets | | | -------------------------------------------------------------------------------- | Total | 10,230 | 12,736 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 1,099 | 1,061 | -------------------------------------------------------------------------------- | Liabilities | 9,131 | 11,675 | -------------------------------------------------------------------------------- | Total | 10,230 | 12,736 | -------------------------------------------------------------------------------- Moventas Parkano's operational cash flow in 1 January-31 December 2009 was EUR 4.9 million. Investment cash flow for the financial period was EUR -1.9 million whereas financial cash flow was EUR -3.1 million (FAS). The acquisition is expected to have a positive effect on Takoma Group's result for the current financial period. After the final financing for the acquisition has been realised, Takoma's equity ratio will decrease some 20 per cent. Takoma's equity ratio at the end of the first quarter of the current financial period (31 January 2010) was 82.5% and the gearing ratio was -30.3%. Takoma Oyj Kimmo Korhonen Managing Director More information: Kimmo Korhonen, Managing Director Takoma Oyj, +358 50 430 6482 Jukka Jäämaa, President and CEO, Moventas Oy, +358 50 526 7665 Distribution: NASDAQ OMX Helsinki Oy Key media www.takoma.fi |
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