SP Group’s part of TPI Polytechniek bv increased

As of 1 January 2013 SP Group has increased its share of the subsidiary TPI Polytechniek bv from 90 % to 100 %. Seller is Managing Director Jeroen van der Heijden, who continues as the managing director of the subsidiary. The parties agreed not to announce the acquisition price, but the shares have been acquired at approximately 5.5 times the profit after tax in 2012 on a debt free basis. The shares will be paid in a combination of cash and SP Group shares end of April 2013 as seller, Jeroen van der Heijden, wants to place some of the sales profit in SP Group shares.

TPI Polytechniek bv is one of the world’s leading producers of polyurethane components for ventilation equipment for poultry and pig houses. In recent years the company has experienced a growing demand.

TPI Polytechniek bv is situated in ’s-Hertogenbosch in Holland. A subsidiary in Denmark is handling the sales to customers in Scandinavia. Further the company has sales representatives and agents on a number of markets. The main production takes place in the production facilities of SP Group in Poland. The most important products under own brands are ventilation grids and chimneys and air inlets in PUR (polyurethane), which is suitable for these purposes as it is light, insulating and water-resistant, and as it does not develop condensed water at large temperature fluctuations.

The acquisition of the shares is part of SP Group’s efforts to get a more clear structure in the group and to reduce the minorities when relevant.

The acquisition is expected to strengthen SP Group’s earnings after minorities in 2013.

In case of any discrepancies, the Danish version shall prevail.

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