Gislaved Gummi AB has acquired 53.5 % of the shares in Elastomeric
20 July 1998
Today Gislaved Gummi AB, a member of the Hexagon Group, has acquired 53.5 %
of the
shares in Elastomeric Engineering Company Ltd, Sri Lanka (EEC).
EEC, listed on the Columbo Stock Exchange market, is an industrial rubber
company.
In 1998, the turnover is estimated to approximately MSEK 60. The company
has 480
employees.
“The acquisition is another step in Gislaved Gummi globalisation and will
give the Hexagon
Group a positive result effect already this year”, says Börje Andersson,
Managing Director of
the Hexagon Group”.
“We have co-operated with EEC during a number of years and consequently we
know the
company very well. The co-operation has developed positively during these
years. The
acquisition as such will give us some synergies both product and
marketwise. I refer to
gaskets for heat exchanger and industrial wheels. Shortly, we will make a
mandatory offer for
all the remaining shares of EEC”, says Roland Folkesson, Managing Director
of Gislaved
Gummi AB.
Hexagon is an industrial and commercial group whose business concept is to
acquire mediumsized
industrial companies and develop them in long term. The company is listed
on the
Stockholm Stock Exchange and, in 1997 the turnover amounted to SEK 4.2
billion.
Landskrona, 20 July 1998
HEXAGON AB (publ)
Börje Andersson
President and CEO
For further information, please feel free to contact:
Börje Andersson, Hexagon AB, tel. +46 418 44 92 00 or +46 418 154 24
Torbjörn Wistrand, Commercial Development, Hexagon AB, tel. +46 70 520 02
28
Roland Folkesson, M.D. of Gislaved Gummi AB, tel. +46 70 537 48 01
Media Enquiries
PR Team
Hexagon AB