Simtronics Acquires Water Mist Engineering
15 May 2007
The acquisition is part of Simtronics' strategy to become a leading supplier of systems for fire and gas safety.
WME offers a full range of active extinguishing systems, including systems based on water mist technology, to the oil industry as well as other markets. The company currently has a considerable order backlog and expects sales of NOK 40 million this year. Following the acquisition, WME will become a new business area within Simtronics. WME is based in Kristiansand, Norway and is in the process of establishing subsidiaries in China and Singapore.
Commenting on the acquisition, Simtronics' CEO Rune Martini said,"The acquisition of WME releases considerable synergies. The two companies' customer groups are largely the same and WME's technology and products are complementary to ours. The combined company will benefit from significantly improved distribution power."
Simtronics has until now been a supplier of advanced fire and gas detectors. The Company stated when it became listed on the Oslo Stock Exchange in January this year that it would expand its business model to become a total supplier of systems for fire and explosion safety. The acquisition of WME is the first step toward fulfilment of this strategy. The acquisition also provides Simtronics with broader engineering and safety project capabilities.
