Apator meter producer plans acquisition abroad

MAG
06-10-2008, 11:00

Warsaw (Puls Biznesu) – The company with headquarters in Torun plans its first foreign acquisition.

Apator, the listed producer of meters and switchgears, plans its first acquisition abroad. According to “PB” sources, this is a company similar to PoWoGaz, a company acquired several months ago with PLN 60m (EUR 17.5m) of annual sales.

“I’m very interested in this company. I’m looking for funds for this acquisition. If everything goes smoothly, the transaction will be concluded in the first quarter of 2009”, Janusz Niedzwiecki, Apator CEO said.

He did not say, how much money he needs. 97 percent of PoWoGaz cost PLN 70m. Now, companies are cheaper and Apator wants to buy 51 percent only. It will probably need up to PLN 30m.

“Unfortunately, it makes no sense today to issue new shares while banks are not eager to lend money”, Apator CEO said.

That’s why the Polish company will try to pay in installments to finance the acquisition from its income.

This year, Apator forecasts PLN 36m of net income against PLN 370m of sales.

(PLN 1 = EUR 0.292)

© ℗
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