Beijer Tech has through Lundgrens Sverige AB, signed an agreement to purchase the shares of Codan AS from the seller Albert E. Olsen AS. Codan AS supplies hoses, couplings and injection systems and had a revenue of NOK 33 million in 2018. In addition to wholesale of fluid technology products, the company offers service and manufacturing of custom-made high performance steel hoses. The acquisition of Codan AS is an important milestone for Business Area Fluid Technology and Lundgrens.
Through the acquisition, Lundgrens establishes itself on the Norwegian market with its wide assortment of hoses, couplings and industrial rubber. Together with Codan AS, Lundgrens becomes a leading Nordic wholesale business with great development potential. Beijer Alma’s group CEO Henrik Perbeck comments the deal ”Beijer Tech shows with this acquisition that it can expand successful businesses internationally and create companieswith strong local presence and central purchasing and cost advantages.”
The seller, Albert E. Olsen AS (AEO) is a Norwegian supplier of personal protective equipment, tools and supplies to industry, construction and fish framing. CEO Frode Størdal comments the deal ”We are very glad that Beijer Tech acquires Codan AS. Longterm this will create a very strong player on the Norwegian market and we are looking forward to a continued strong cooperation between AEO and Codan AS through the new owner Lundgrens.”
For more information please contact:
Staffan Andersson, President of Beijer Tech
+46 (0) 72 247 47 36
Henrik Perbeck, President and CEO of Beijer Alma
+46 (0) 18 15 71 60