Acquisition of Gärsnäs is Now Being Completed
In a press release
of December 17th 1999 we announced that Lammhults Möbel AB, a subsidiary of Expanda, and
the owners of Gärsnäs Ab, also in the furniture trade, had signed a purpose declaration.
Negotiations were opened with a view of enable for Lammhults' acquiring 100 % of
negotiations are now finished and Lammhults will take over Gärsnäs from January 1st
2000. The owner and Managing Director of Gärsnäs, Mr Leif H Hjärre, will leave his
position of Managing Director. Lammhults' Managing Director, Mr Marcus Larsson, has been
appointed the Managing Director of Gärsnäs.
regarding the acquisition will be made in cash. The parties have agreed to that the
purchase price will not be announced at this time.
and Gärsnäs are two of the best-known, leading design furniture companies in
Scandinavia. Lammhults has become associated with furniture of steel tubing and Gärsnäs
with furniture of wood. Both of the companies have been working together with some of the
leading designers in Scandinavia for many years and they have made deliveries of furniture
to public environments all over the world.
reached a turnover for 146 million Swedish crowns during 1999 and Gärsnäs 43 million.
Larsson, the Managing Director of Lammhults and Gärsnäs says: "The two companies
complement each other perfectly as regards their marketing, their products and even their
image. Together we will be able to offer the very best available Scandinavian design
furniture. The affects on the results of the group during 2000 will be marginal, whilst
the synergies available in all sections - product developement, marketing, production and
purchasing, along with administration - in the long run will mean significant growth in
turnover as well as profits."
January 25th 2000
Jan Ove Forsell
in this matter will be answered by the Managing Director of Expanda, Jan Ove Forsell,
phone +46-470-727970, 070-5820828 or the Managing Director of Lammhults Marcus Larsson,
phone +46-472-269500, 070-6067075.
business concept of Expanda is to develop and be the long term owner of a group of
companies mainly concentrated on articles of a distinct strain of design, strong
trademarks and large export potential.
The share of Expanda is noted on the O-list at the Stock Exchange in Stockholm . The
turnover of the group, proforma, is estimated to reach 625 million SEK for 1999 and profit
before dispositions and taxes 60 million SEK.
The Expanda Design Group has set as its two year objective to be comprised of design
companies reaching an annual turnover of at least 1 billion Swedish crowns.
SE-352 30 VÄXJÖ
Phone +46-470 72 79 70
Fax +46-470 72 79 79