Oslo, Saturday, January 1, 2000
Stock Exchange Notification
COMPANY DISCLOSURE - CONSOLIDATION CONTINUES
Blom acquires German technology company
Blom ASA has entered into an agreement to acquire all of the shares in the German company Geo-Tec GmbH. For the last two years, Geo-Tec has posted revenues of NOK 30-35 million, and an EBITDA result of around NOK 5 million. The acquisition strengthens Blom's presence in Europe and also provides a fully digital production line.
In 2004 Blom ASA focused on consolidating the market for the collection and processing of mapping data. The acquisitions in Finland and Norway earlier this year have enabled the company to establish a solid Scandinavian platform and become one of Europe's leading suppliers.
Blom is acquiring Geo-Tec now for EUR 1.5 million, which corresponds to approximately NOK 12.3 million. The acquisition will be financed by a private placing of Blom ASA shares, in which the number of shares will be determined by the average Blom share price during the period from 15 December 2004 to 15 January 2005. The Board of Directors of Blom is to lift its due diligence reservations by 20 January 2005, and the parties expect that settlement will take place on 30 January 2005.
Leading high technology company
Geo-Tec GmbH is well-positioned in Germany and has also operated in the Baltic states for many years. The acquisition strengthens thus the Blom Group's overall presence in this region of Europe. In making its decision, the Board of Directors has also attached importance to the fact that Geo-Tec is one of the few companies in Europe that own and operate a so-called Vexcel digital camera. Vexcel is one of the three leading suppliers in the world of large format digital cameras for professional use.
Blom will secure access to a commercially operative camera through the acquisition of Geo-Tec, and emphasises thus its commitment to being a leading high technology company. With a digital camera, a large step has been taken in the direction of a fully digital production line, and this will have an impact on the company with respect to the market and cost-effectiveness.
Questions may be addressed to Dirk Blaauw at tel. no. 23115803.