May 24 2011
LinkMed (STO:LMED) acquires NorDiag´s 50 percent stake in Olerup International AB, which is the holding company for Olerup GmbH. LinkMed will thereby control 75 percent of the company. Both sales and earnings are consolidated into the Group as of June 1, 2011. Net sales are expected to increase on an annual basis by approximately SEK 28 million and the profit on EBIT level of SEK 8-10 million.
LinkMed increases its ownership in Olerup International AB to 75 percent by acquiring NorDiag 50 percent stake in Olerup International AB which is the holding company of Olerup GmbH. The remaining 25 percent of Olerup International is owned by Olle Olerup. The acquisition leads to a termination of the Joint Venture with NorDiag. NorDiag's product Arrow will not continue to be sold by Olerup GmbH.
LinkMed will pay in cash total SEK 8 million for NorDiag's part of Olerup International AB. The cash payment for the shares is divided into two tranches, whereby SEK 5 million will be paid upon the transfer of the shares and SEK 3 million will be paid no later than 31 October 2011.
Olerup GmbH is responsible for sales of Olerup SSP® and XM-ONE® in all markets outside North- and South America with direct sale in Scandinavia, Germany, Austria and Slovenia, while the rest of the market is covered by some 30 sub-distributors. Olerup GmbH accounts for about 80 percent of Olerup SSP® total sales and the LinkMed subsidiary Olerup Inc. in the U.S. accounts for the remaining 20 percent.
"The acquisition has a lot of positive implications for us in the short and long term in our strategy to become a global transplantation company. Sales and profit increases but equally important is that we now can focus on growth in a better way and work more direct with the customers. The acquisition is also very well-timed as we are now launching the SBT products from Conexio. The SBT products are expected within a few years to sell as much as the SSP products and we now have the full margin in the chain that will give us a very good profit development, "said LinkMed's CEO Ingemar Lagerlöf.