Midway Holding acquires Onrox
Midway Holding has, as of
October 3rd, 2005, bought all shares in the Malmö
based company Onrox AB.
Onrox develops, produces,
and markets industrial electronics. The company,
which was founded in 1984 and is situated in Malmö, has had steady growth
and a turnover of approximately 8.6 MEUR as of the financial year of 2005.
The number of employees is approximately 80, and the net margin has, over
time, been around 8 %. This acquisition will give Midway an estimated profit
addition of approximately 0.022 EURO per share, starting with the financial
year of 2006.
For further information about the company, we refer to their website www.onrox.se.
Midways MD Peter Svensson:
"Onrox is a well-managed
company with a good mix of its own products
and contract manufacturing. Onrox has a history of stabile and profitable
growth
Midway has a strong
financial status with a solidity of 44 % and an ambition
to grow through acquisition. Our acquisition strategy is based on buying
developable, well-managed, profitable, and stable companies-Onrox fits
the criteria."
Stefan Borgström (CEO) and Sven
Fagerlund (Technical Manager):
"The decision to sell
our lifetime achievement is one of the biggest we have ever made.
In the sale, we were
looking for personal chemistry, faith, and long-term business
relations-Midway provided us with that.
In Midway, we have
found a partner whom we think can make the succession a win-win
situation for all involved.
Malmö 4 October 2005 Midway Holding AB