Swegon, a wholly owned business area within Investment AB Latour, has acquired Ruskin Air Management Ltd (RAML) from Johnson Controls International plc.
RAML is a leading manufacturer of air distribution, fire and smoke control and ventilation products in the United Kingdom and Ireland, with more than 50 years of experience in the market. Through its portfolio of well-known specialty brands, RAML products deliver unique air management solutions that enhance a facilities’ ability to operate comfortably, efficiently, safely and in compliance with regulatory requirements. The company has 220 employees with operations in Whitstable och Bridgnorth, United Kingdom, and has a turnover of about SEK 300 m and an operation profit in line with Latour’s financial targets.
“This acquisition gives us a very strong local presence and identity in UK through the well-known RAML brands. In addition, with RAML, we add a new competence area in Swegon in form of their extensive fire & smoke product knowledge. RAML products are complementary for us and we see good potential for cross sales in the future" says Hannu Saastamoinen, CEO of Swegon.
“This is a perfect match for Ruskin Air Management Ltd. and we look forward to continue our growth momentum as part of the Swegon Group.”, says Kevin Munson, Managing Director, Ruskin Air Management Ltd.
The acquisition will increase the net debt in the Latour Group with about SEK 290 m.
Göteborg, October 3, 2016
Investment AB Latour (publ)
Jan Svensson, CEO
For further information please contact:
Hannu Saastamoinen, CEO Swegon, +46 31 89 58 10
Andreas Örje Wellstam, CFO Swegon +46 31 89 58 17
Swegon AB is a company in the Latour group and manufactures and sells products and solutions for ventilation and indoor climate systems. The Swegon company group has 1,900 employees and the turnover is SEK 3.7 billion.
Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 41.5 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 7.2 billion in 2015.