Current topicsFinnish EM Group and main French Sicame shareholders have signed a Letter of Intent on Ensto and Sicame to join forces
The Finnish EM Group Oy ("EM Group") and the main shareholders of Sicame SA have signed a Letter of Intent to pursue discussions with respect to a proposed combination of the businesses of the French company Sicame SA (“Sicame”) and Ensto Oy´s ("Ensto") business unit Ensto Utility Networks. The intention is to sign binding agreements at the end of year 2008 after due diligence procedures and consultation with employee representative bodies.The completion of the proposed transaction, which could take place during the first quarter of 2009, will be subject to satisfaction of various conditions, including approval of the appropriate competition authorities. The combined businesses, should the transaction be completed, would operate in the future in a new company named Sicame Oy based in Finland.
The proposed transaction, should it be completed, will lead to the formation of the largest European company in accessories for electricity distribution, and one of the leading companies globally. Sicame Oy will operate in 30 countries with 2,300 people and specialize in providing materials for transmission and distribution networks, safety equipments, compression tools and terminations for all electricians. Its turnover would be approximately EUR 370 millions in 2008.
For further information:
Mr. Timo Miettinen, Chairman of the Board, EM Group Oy and Ensto Oy
Mr. Jukka Koskinen, CEO, Ensto Oy
Mr. Pierre François, CEO, Sicame SA
About EM Group
EM Group Oy is a Finnish family company that owns and develops international industrial and real estate activities. The Group’s turnover was EUR 264 millions in 2007.
About Ensto Group, part of EM Group
Ensto is an international industrial group specializing in the development, manufacture, and marketing of electrical systems and supplies, which are essential both to the distribution of electrical power and everyday electrical applications. They are present in domestic electrical installations, public premises and businesses, lighting solutions and various high-tech control and monitoring systems.
Ensto employs 1,524 staff in 18 countries across Europe and Asia. Its net sales amounted to EUR 233 millions in 2007. The firm’s business operations are divided into three business areas: Ensto Utility Networks (turnover EUR 83 millions in 2007), Ensto Enclosures and Components and Ensto Building Technology.
About Group Sicame
Sicame SA is a French family-owned company. Sicame designs, manufactures, and sells equipment that is used in transmission as well as in underground and overhead distribution networks, with the safety and compression tools associated. The products also include accessories for telecommunications networks, and terminations and compression tools for industries.
Group Sicame’s turnover totalled EUR 249 millions in 2007 and it had personnel of 1,758. Sicame is established in 22 countries and its products are distributed in 120 countries worldwide.