"The acquisition of Damixa fits well into our strategy of creating profitable growth with the help of clearly positioned trademarks, market breadth and competitive ranges," says Ostnor's President and CEO, Claes Seldeby. "With this acquisition we will strengthen our market share in the Nordic region and broaden our product range with a third brand."
Damixa is a leader in the Danish mixer market and is well-established in the Nordic region. Sales amount to approximately SEK 250 million and there are more than 100 employees. The range has a high technical content and is clearly associated with Danish design. It covers all price segments and most needs for mixers in both households and public buildings.
"The ability to take this step proves that Ostnor is vigorous and financially strong. The acquisition opens up new opportunities to exploit economies of scale in the organization and will further strengthen its market position through continued product development and establishment in new channels and new markets," says Claes Seldeby.
Ostnor intends to keep the assembly process in Damixa's own factory in Odense, Denmark. Other production, i.e. casting and component manufacturing, now takes place through external suppliers.
– I am convinced that our two companies complement each other very well. Damixa reported positive earnings for the third consecutive year, which clearly shows a positive trend and that the turnaround started in 2009 has been successful, says Lars Bladt CEO Damixa. The takeover will be on 1 May.
For further information, please contact Claes Seldeby, President and CEO, Ostnor AB
+46 (0) 70-631 64 05.
Ostnor conducts the sale, manufacture and product development of water taps under the strong, well-established brands of FM Mattsson and Mora Armatur. The Nordic countries are the company's main market. Ostnor's turnover in 2013 was SEK 824 million and it had about 450 employees. Operations are mostly in Mora, Sweden, where the head office is also located.