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LONDON (Alliance News) - Ventilation products firm Volution Group PLC on Friday said it has snapped up Finnish company Oy Pamon Ab for up to EUR13.5 million.
Pamon makes mechanical ventilation with heat recovery products specialising in the Finnish new-build and refurbishment construction sectors.
Volution will pay EUR11.5 million in an initial payment, with another EUR2.0 million possible depending on earnings for Pamon's financial years ending November 2018 and November 2019.
Pamon will join Volution's Ventilation division and is expected to boost earnings in its year ending July 31 next year. In its year ended last November, Pamon posted pretax profit of EUR1 million on revenue of EUR8.2 million.
Chief Executive Ronnie George said: "We are delighted to have reached agreement to acquire Pamon. This acquisition is consistent with our stated strategy of making selective value adding acquisitions. Pamon has a strong presence in the Finnish new build ventilation market.
"The business will be highly complementary to our position in the Nordics providing us with an enlarged presence in the new build sector in Finland and the Nordics, in the growing and regulatory driven market for MVHR units. We are excited about their potential for continuing growth and we believe the acquisition will deliver value for our shareholders."
Volution shares were 2.3% higher on Friday at a price of 203.60 pence each.
