Oslo, Saturday, January 1, 2000
Stock Exchange Notification
BLOM WITH SWEDISH AQCUISITION FOCUSING ON TECHNOLOGY
Blom has entered into an agreement to buy 100% of the shares in the Swedish company TopEye AB in Gothenburg for a total of SEK 25 million. The company has unique competency and products within commercial exploitation of laser technology. TopEye AB has established itself in recent years as a leading corporation in the collection of map data by using laser technology in helicopters.
TopEye AB, together with Admirality Holding Ltd., has also invested (through its 22 per cent stake) in the development of a new laser system for mapping ocean areas. This technology will be in the lead on a universal basis. Commercial contracts have been entered into for Hawkeye II. The company’s technology is a continuation of the SAAB Group’s investment within the same field.
Blom’s acquisition of TopEye will add unique proven technology in the use of lasers for data collection to the company’s land-based mapping business. Today Blom is one of only a few companies offering similar technology, based on collection of data from high altitudes and through the use of aircraft.
In recent years, TopEye AB has had a turnover of around SEK 19 mill., which has produced a cash flow of approximately SEK 5 mill. Based on the geographical structure that Blom has established for its land-based mapping business, the company is expecting its turnover of services linked to the use of that technology to increase considerably.
We are expecting greater focus on production of digitalised charts universally thanks to the new laser technology for collection of chart data, but based on digital production methods and not by digitalising former paper charts.
The purchase of the company will be financed through a combination of loans and cash. After a review of the company and the Board’s final approval by 27th June, takeover and settlement will take place on 1 July 2005.