G & L Beijer closes the transaction regarding Toshiba

September  30, 2011

G & L Beijer AB closes the transaction with Carrier Corporation regarding the Toshiba distribution operations for residential and light commercial heating and air conditioning products in 11 European countries.

The transaction, as previously announced, means that Carrier transfers employees and assets to G & L Beijer for consideration of approximately EUR 86M (SEK 790M) on a debt-free basis.

Sales for Toshiba’s distribution operations 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 ending first quarter 2011. The operation has approximately 160 employees.

The Toshiba distribution business will be included in G & L Beijer’s accounts beginning 1 October 2011. Based on a rolling twelve-month period up to and including June 2011, G & L Beijer, including the acquired operation, would report pro forma 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, 30 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

or

Jonas Lindqvist, CFO
Telephone +46 40-35 89 00
Mobile +46 705-90 89 04

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