Gothenburg April 2, 2008 - Hultafors Group has acquired all shares in the leading British measuring tape manufacturer Fisco Tools Ltd. The acquisition is a natural stage in the growth strategy of the Hultafors Group whose operations aim at servicing the professional requirements of European craftsmen.
Hultafors and Fisco Tools have for many years now undertaken strategic cooperation covering the production and sale of measuring tools. With this acquisition, Hultafors will be able to broaden its product portfolio and strengthen its presence on the European market.
"Hultafors has high growth targets and, with the acquisition of Fisco Tools, we will increase our turnover by over 70 million SEK annually," says Bo Jägnefält, CEO of Hultafors. "Tape measures are today one of the world's most frequently used hand tools and we see considerable growth potential in virtually all markets."
In 2007, the annual turnover of the Hultafors Group was 1.1 billion SEK. The group currently consists of three brands and represents the hand tools business area within Investment AB Latour which is listed on the Stockholm stock exchange.
The current brands in the Hultafors Group are:
· Hultafors Tools which is the Nordic market leader in hand tools in both the measuring & marking and the chopping & striking sectors.
· Wibe Ladders which was acquired in 2005 and which is the market leader in the Nordic region for ladders and scaffolds.
· Snickers Workwear which was acquired in December 2006 and is one of Europe's leading brands for workwear for craftsmen. Snickers has distribution in 20 countries.
Founded in 1939, Fisco Tools Ltd has been a manufacturer of tape measures since the 1940s and has taken a leading position in the development of state-of -the art products.. The company's operation and production are based in Rayleigh, Essex in England. www.fisco.co.uk
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