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Press release

Press release

ÅF acquires Ingemansson Technology AB

The ÅF Group has signed a letter of intent to acquire 100% of the shares in Ingemansson Technology AB (Ingemansson). ÅF is purchasing the shares from Lindeblad Technology.
 
Ingemansson was founded in 1956 and is Scandinavia's leading technical consulting firm in the field of sound and vibrations. The company has 130 employees, of which around 100 work in Sweden, around 20 in Norway and around 10 in Denmark. There is also a small number of employees in France.
The company is expected to report total sales of approximately SEK 125 million and an operating profit of approximately SEK 8 million for 2005.
 
It is believed that Ingemansson will experience an improvement in productivity and good growth in 2006. The merger is forecast to result in positive synergies with regard to earnings and costs.
 
The purchase price is aprox. SEK 53 million. Half of this sum is to be paid in cash and half in the form of a new issue of ÅF shares (series B), as authorised in principle by the Annual General Meeting of shareholders in the ÅF Group (20 April 2005). This dilutes the share capital by approximately 1.8% and the number of votes by 1.1%. The acquisition is expected to have a positive effect on earnings per share for ÅF Group stocks in 2006.
 
The letter of intent has been signed on condition that the ÅF Group's due-diligence process is completed without any serious reservations. It is intended that Ingemansson operations will be consolidated with effect from 1 February 2006.
 
The acquisition of Ingemansson reinforces the ÅF Group's offer to the market. Within the infrastructure sector, interest among clients for access to expertise in the noise and acoustics field has soared in recent years, both in industry and in the construction and infrastructure planning sector. Among Ingemansson's major clients are construction and consulting firms, the Swedish National Rail Administration, the Swedish Defence Materiel Administration (FMV), Volvo and ABB.
 
"Ingemansson will reinforce the spectrum of services that ÅF can offer in the infrastructure sector. The company is the market leader in the sound and vibrations segment," says Åke Rosenius, Divisional Manager of ÅF Infrastructure.
 
"In ÅF we will be gaining a strong owner with a clearly declared ambition to continue to develop the business by focusing on technology. I am convinced that the merger will prove to be a positive development both for our co-workers and for our clients," says Klas Brännström, Managing Director of Ingemansson Technology AB.
 
For further information see www.ingemansson.com
 
 
AB Ångpanneföreningen
Corporate Information

The ÅF Group is a leading name in technical consulting. We offer highly qualified services and solutions for process industries, infrastructure projects and the development of products and IT systems. We also carry out certified third-party testing and inspection work. <!-- hugin-supplied --><br> Our proven proficiency in engineering is founded on the in-depth specialist knowledge of many branches of industry that we have built up over more than one hundred years. Today the ÅF Group comprises almost 2,700 employees based in some 50 locations in Sweden and in almost a dozen other European countries.