SolTech Energy Sweden AB, has, on May 28, 2014, acquired 100 percent of Wasa Rör T Mickelsson AB’s stock.
During 2012/2013 SolTech’s board of directors made the decision to widen the Company’s operations to also include the growing business area of so-called “energy efficiency”. By the term “energy efficiency” we mean the optimization of customers’ existing energy systems by means of better control/regulating functions, along with the replacement of existing and/or worn-out dated systems.
- In order to succeed in this expansive business area, SolTech must establish a platform for growth. Through the acquisition of Wasa Rör, SolTech now has access to precisely such a platform, which – with the prevailing competence within Wasa Rör – can be quickly developed and enlarged, and become very profitable
- By reason of the acquisition, SolTech also gains a positive cash flow, along with an operating margin (profit/loss) on a concern level, thereby creating a better platform and higher worth before the listing on OMX NASDAQ First North during 2014. 2013 Wasa Rör billed approximately 21 MSEK (21 million Swedish crowns = roughly €2,250,000) with an operating profit of approximately 1.8 MSEK (roughly €200,000).
- SolTech’s thermal liquid system, Sigma, is labor intensive within the Heat, Ventilation & Sanitation-sector. And by reason of the acquisition, SolTech has secured the competence and quality required to ensure effective installations and maintain the attractive margins of working hours and Heat, Ventilation & Sanitation-material.
- Synergy effects benefiting the customers contribute to increased sales in that existing as well as new customers in respective companies can be offered a broader product portfolio.
“SolTech’s goal is to become – with its own self-standing organization – the leading and self-apparent partner for solar energy and “energy efficiency” in Mälardalen, Sweden. By having made this acquisition we have begun this journey,” says SolTech’s CEO, Frederic Telander. “SolTech’s international goal is to continue the commercial success we’ve achieved with our patented solar energy products on selected markets.”
“By becoming a part of the SolTech concern, Wasa Rör gains the opportunity of developing the new business area of “energy efficiency” and, at the same time, be a part of the expansive solar energy market,” observes Thomas Mickelsson, CEO and former owner of Wasa Rör.
Wasa Rör formally becomes part of the SolTech Energy concern on August 1, 2014 and strategic plans, as well as new recruiting, has already begun. “ It really feels like great opportunity for SolTech and a value creating decision for our 2,700 stockholders,” states Frederic Telander.