AAK Group AS is a Norway-based company engaged in manufacturing and sales of fall protection equipment, fixed fall protection systems and provides related services.
Cresto AB, a Sweden-based company engaged in designing and manufacturing fall protection equipment, and a subsidiary of B&B Tools AB, the listed Sweden-based provider of tools, industrial consumables and industrial components, has acquired AAK Safety AS from AAK Group AS, a Norway-based company through its subsidiaries engaged in providing installation, prefabrication of modules, structure and pipe work, engineering, inspection and installation of lifting equipment, and manufacturing fall protection equipment, for an undisclosed consideration.
The transaction will enable both Cresto and AAK to strengthen and develop their partnership. The acquisition will enable both Cresto and AAK to strengthen its position in the Nordic region. The acquisition is expected to have a marginally positive effect on B&B TOOLS’ earnings per share during the current financial year. The acquisition is in line with B&B Tools’s strategy for the Bergman & Beving operating segment. AAK Safety will continue to be operated with separate management and headquarters in Norway and retain its corporate name. Post acquisition, the combined company will have annual revenue of over SEK 150m (EUR 15.50m) and approximately 70 employees.
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