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AKVA group ASA : Completion of the Plastsveis AS acquisition


AKVA group ASA has today completed the acquisition of 70% of the shares in Plastsveis AS.

AKVA group ASA has acquired 70 percent of the shares in Plastsveis AS for a price of NOK 20 million. 90 percent of the purchase price was paid in cash on completion. The remaining 10 percent will be paid six months after the transaction is completed. Operational effect of the transaction will be from January 1st, 2013. AKVA group ASA and the owners of Plastsveis AS holds a mutual option to buy / sell the remaining 30% of the shares in Plastsveis AS from January 1st, 2016 onwards. The pricing of the remaining 30% of the shares is linked to the performance of the company over the next three calendar years. 

Plastsveis AS was established in 1988 and provide PE equipment, installation and services to the fish farming, agriculture and other industries. The company is located in Sør-Helgeland and has around 40 employees.

The core business entails delivery and installation of tub and pipe plants to land based fish farming facilities as well as processing of pipes in polyethylene plastic for the fish farming industry, for agriculture and oil services. The company also participates in development project for the fish farming industry.  

"The acquisition is a natural step to strengthen the land based business area, and will give AKVA group a strong position in the market place when it comes to delivering a range of solutions for land based facilities to aquaculture. Plastsveis AS is a well-managed company with strong competence and operational capability in its field. The company holds significant synergies with our existing land based activity as well as with our existing activities in Helgeland Plast AS" states Trond Williksen, CEO of AKVA group ASA.

Dated: 15th March 2013
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Trond Williksen Chief Executive Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 01 73
E-mail: twilliksen@akvagroup.com

Eirik Børve Monsen Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 98 31
E-mail: emonsen@akvagroup.com

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AKVA group is the leading provider of technology to the global fish farming industry and the only with global distribution. The products consist of software systems, operational equipment and sensor systems, feed systems, cage systems, net cleaning systems, light systems and recirculation aquaculture systems.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)


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