STOCKHOLM, Nov 28 (Reuters) - Sweden's Granges GRANG.ST stated on Thursday it had agreed to purchas
STOCKHOLM, Nov 28 (Reuters) – Sweden’s Granges GRANG.ST stated on Thursday it had agreed to purchase Polish aluminium producer Aluminium Konin for two.three billion Swedish crowns($239 million), increasing its presence in Europe and boosting its place in progress areas comparable to supplies for electrical automobiles.
The deal, topic to approval by competitors authorities, values Aluminium Konin at 6.9 occasions its annual earnings earlier than curiosity, tax, depreciation and amortization (EBITDA), and Granges stated it anticipated to shut the transaction within the second quarter of 2020.
“Aluminium Konin contributes with technically superior operations, strategically situated in Central Europe. The acquisition is an effective strategic match and enhances our enterprise and geographic presence,” Granges CEO Johan Menckel stated in a press release.
Aluminium Konin, at the moment owned by industrial conglomerate Boryszew Group, employs round 750 workers and relies in Konin, Poland.
It has an annual manufacturing capability of round 100…