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Kitron has completed the acquisition of 100 percent of the shares of BB Electronics A/S, which was announced on 20 December 2021.
"This transaction fits perfectly with Kitron's growth strategy. BB Electronics is a profitable company, which adds attractive geographies to the Kitron group and is expected to create significant value for Kitron shareholders. Its well-run operations will continue with little change, but we will immediately identify potential cost savings from coordinating purchases," said Peter Nilsson, President and CEO of Kitron.
The acquisition took place in accordance with the transaction agreement. BB Electronics will be consolidated into Kitron's financial reporting as of January 2022.
BB Electronics has about 750 employees in Denmark, the Czech Republic and China and had revenues of about DKK 1,000 million (approximately NOK 1,350 million) in 2021.