Alfa Laval to acquire the digital service company StormGeo
Alfa Laval has entered into an agreement to acquire StormGeo, a leading provider of weather intelligence solutions, for MNOK 3,630 (approximately MSEK 3,700). This acquisition aims to enhance Alfa Laval's service offerings in the marine industry, supporting decarbonization efforts and digital services knowledge. StormGeo, based in Bergen, Norway, employs 515 people and reported total sales of MNOK 714 in 2020. The transaction is expected to close in Q2 2021 and is neutral to Alfa Laval's EBITA margin and earnings per share.
- Acquisition of StormGeo enhances Alfa Laval's digital services and weather intelligence capabilities.
- Strengthens Alfa Laval's position in the marine industry focused on decarbonization.
- Expected to facilitate geographic and technological expansion for StormGeo.
- The purchase price of MNOK 3,630 may pose a financial strain despite being fully cash-financed.
LUND, Sweden, May 10, 2021 /PRNewswire/ -- Alfa Laval - a world leader in heat transfer, centrifugal separation and fluid handling - has signed an agreement to acquire StormGeo - a global leader in weather intelligence and advanced data science solutions. The acquisition is part of Alfa Laval's strategy to support the marine industry's efforts to decarbonize and make operations more efficient. It will also enhance Alfa Laval's knowledge within digital services. The closing is expected during Q2 2021.
StormGeo, headquartered in Bergen, Norway, employs 515 people in 15 countries and provides solutions and services for weather-sensitive operations, primarily in the marine industry, off-shore and other weather-dependent industries. The company's weather information services help customers mitigate risk, improve safety and make sustainable choices on routes and operations. StormGeo was founded in 1997 and has since 2014 been under the ownership of EQT, DNV GL and a group of employees. Total sales in 2020 amounted to MNOK 714 (MSEK 699). StormGeo will become a part of the Alfa Laval Marine Division.
The purchase price is fully financed via cash and amounts to MNOK 3,630 (approximately MSEK 3,700) on a debt and cash free basis. Closing is expected during Q2 2021, subject to customary conditions. The acquisition is neutral to Alfa Laval's EBITA margin and earnings per share.
"The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonization challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space," says Tom Erixon, President and CEO of Alfa Laval.
"We are very excited to be joining Alfa Laval. StormGeo will benefit from being owned by a market leading, long-term, industrial owner. We look forward to continuing to develop our business through further geographic and technological expansion together with Alfa Laval," says Søren Andersen, CEO of StormGeo.
Alfa Laval is hosting a capital market presentation Monday, 10 May 2021 at 10:30 CET.
To join the telephone conference – hosted by Alfa Laval's President and CEO Tom Erixon and CFO Jan Allde – sign up in advance via the link below. Once registered, you will receive a phone number, a participant pin, and a conference pin. Please dial in 10 minutes prior to the scheduled start of the event.
http://emea.directeventreg.com/registration/3360788
You can also follow the conference via a live webcast. A webcast link will be available on Alfa Laval - Investors
Did you know that… StormGeo has its origin in TV2, Norway's largest commercial broadcaster? ..which in 1993 was the first to use animated weather reports. Meteorologist Siri Kalvig saw an opportunity to offer customized weather services to other industries. This idea eventually grew into StormGeo.
About StormGeo
StormGeo, founded in 1997, is a global leader in meteorological intelligence services and decision support, with leading solutions in shipping, oil and gas, renewable energy, utilities, cross industry and aviation. Its products help customers manage risk, optimize performance, reduce costs and increase revenue. The company is headquartered in Bergen, Norway and has 24 offices in 15 countries and 515 employees. As a participant in the UN Global Compact for Sustainable Business in the Oceans, StormGeo's passion for climate and the protection of natural resources is a motivation to support its customers in making environmentally responsible business decisions.
This is Alfa Laval
Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress – always going the extra mile to support customers in achieving their business goals and sustainability targets.
Alfa Laval's innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day.
Alfa Laval has 16,700 employees. Annual sales in 2020 were SEK 41.5 billion (approx. EUR 4 billion). The company is listed on Nasdaq Stockholm.
About EQT
Headquartered in Stockholm, Sweden, EQT is a purpose-driven global investment organization with offices in Europe, Asia-Pacific and the Americas.
For more information please contact:
Johan Lundin
Head of Investor Relations
Alfa Laval
Tel: +46 46 36 65 10
Mobile: +46 730 46 30 90
Eva Schiller
PR Manager
Alfa Laval
Tel: + 46 46 36 71 01
Mobile: +46 709 38 71 01
This information is information that Alfa Laval (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 CEST on May 10, 2021
This information was brought to you by Cision http://news.cision.com
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SOURCE Alfa Laval
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