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11-09-01 regulatory

G & L Beijer signs a definitive agreement relating to Toshiba

G & L Beijer AB has signed the purchase agreement with Carrier Corporation to appoint G & L Beijer as distributor and acquire Carrier’s distribution operation for the residential and light commercial heating and air conditioning products of the Japanese company, Toshiba. The transaction as announced on 1 June 2011 means that Carrier will transfer employees and assets for a consideration of approximately EUR 86M (SEK 790M) on a debt-free basis.

Sales for Toshiba’s distribution operation in the countries involved amounted to EUR 130M (approximately SEK 1,200M) and operating profit amounted to EUR 9.6M (SEK 88M) for the latest 12-month period until the end of the first quarter of 2011. The operation has around 160 employees.

The acquired operation will be kept separate from G & L Beijer’s existing distribution operation from an operational viewpoint. Through a jointly-owned company with Toshiba, Carrier Corporation has the exclusive distribution rights outside Japan relating to Toshiba’s products within the residential and light commercial heating, ventilation and air conditioning segment (HVAC) which are manufactured by the jointly owned company.

G & L Beijer has obtained a fairness opinion relating to the transaction and its terms and conditions from an independent external party. Individual purchase agreements for the acquired operations in the different countries will now been drawn up. It is anticipated that the transaction will be completed on 30 September 2011 upon completion of the required approval processes.

Based on a rolling twelve-month period up to and including June 2011, G & L Beijer, including the acquired operations, will pro forma report sales of approximately 6,600M with an operating profit of around SEK 500M. The acquisition is estimated to affect G & L Beijer’s profit per share positively by approximately SEK 2 on an annual basis.

Malmö, 1 September 2011

G & L Beijer AB (publ)

For further information, please contact:

Joen Magnusson, CEO
G & L Beijer AB
Telephone +46 40-35 89 00
Mobile +46 709-26 50 91
Jonas Lindqvist, CFO
Telephone +46 40-35 89 00
Mobile +46 705-90 89 04

G & L Beijer is a technology-oriented trading Group which, through a combination of added-value agency products and products of the company’s own development, offers competitive solutions for its customers within refrigeration and air conditioning.

In the previous year, operations were consolidated into comprising only products within refrigeration and air conditioning. The operational activities as a whole are carried out under the name of Beijer Ref.