Momentum Group
Momentum Group acquires WEH Sweden – strengthens its offering in gas and hydrogen components (MFN)
Momentum Group has today, through its subsidiary Processkontroll Items (iTEMS), signed an agreement to acquire 100 per cent of the shares in WEH Sverige AB. WEH Sverige is a specialist in CNG/Hydrogen refueling components and gas detection. Closing is expected to take place at the end of November and the acquisition is expected to have a marginal positive impact on Momentum Group's earnings per share during the current financial year.
“Company acquisitions are an important part of Momentum Group's growth strategy. WEH Sweden, with its focus on gas refueling systems and detection instruments, operates in a growing market segment with development potential that fits well into our group,” says Anders Larsson, Head of Specialist at Momentum Group.
“iTEMS' add-on acquisition of WEH Sweden will strengthen our position and offering in the energy gas market as well as our other markets in the refinery, petrochemical and process industries. We see an exciting opportunity to gear up our business together with WEH Sweden,” says Rolf Söderström, CEO of iTEMS.
WEH Sweden was founded in 2018 by Pierre Gustavsson and has customers in the process, gas and biogas industry in Sweden. The company represents well-known brands such as WEH, Teledyne, Sensitron and Rittmeyer and offers a wide range of products, primarily in quick couplings, refueling components, check valves and gas detection. The company also offers service, training, design and installation. The operations are conducted from Partille and have annual sales of approximately SEK 10 million.
WEH Sweden will be integrated into Items and will, under the current management, be a competence centre in its focus areas.
“I will continue to develop the close relationships with my customers – now beeing facilitated when I together with iTEMS can strengthen our offering to them,” says Pierre Gustavsson, founder and owner of WEH Sweden.
For further information, please contact:
Ulf Lilius, President & CEO
Tel: +46 8 92 90 00
Niklas Enmark, CFO
Tel: +46 703 93 66 73
niklas.enmark@momentum.group
Ann-Charlotte Svensson, IR
Tel: +46 720 85 72 62
ann-charlotte.svensson@momentum.group
About Momentum Group
Momentum Group operates, develops and acquires successful sustainable companies in the Nordic region through active ownership with decentralised profit and business responsibility. The Group consists of a number of companies that together constitute one of the Nordic region’s leading suppliers of industrial components, industrial services and other related services in the industrial sector. What the businesses have in common is that they help make customers’ operations easier, safer and more profitable by offering sustainable, long-life products and services with a strong local presence close to customers. The Group generates revenue of approximately SEK 2.1 billion and has more than 700 employees. Momentum Group's B share is listed on Nasdaq Stockholm. For more information, please visit momentum.group.
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