PCB supplier NCAB acquires Elmatica
24 November 2021
Manufacturing / Production Technology, Hardware & Services
The China-headquartered PCB (printed circuit board) supplier NCAB has acquired 100% of the shares in the Norwegian company Elmatica for SEK 315 million (the equivalent of around R560 million).
Elmatica, which started operations in 1971 and is one of the oldest PCB trading companies in the world, is headquartered in Oslo and has subsidiaries in Sweden, Denmark, Germany, Hong Kong and China with a total of 45 employees. Customers are located all over Europe and Elmatica is expected to have net sales of approximately SEK 370 million in 2021.
The acquisition is expected to result in an increase in NCAB’s earnings per share in 2022 and to produce synergies through improved purchasing power and through Elmatica gaining access to NCAB’s factory management in Asia and a broader base of factories. The acquisition is financed with NCAB’s own cash as well as loans.
“We are very pleased to have acquired Elmatica,” said Peter Kruk, president and CEO of NCAB. It is one of the larger companies in our field and operates just like NCAB in the HMLV (high-mix low-volume) segment. Elmatica has a very good reputation in the marketplace for its great know-how and high quality. It will constitute a valuable addition to both our Nordic and Europe segments and will strengthen our purchasing power with the leading factories. We both have the same focus on high quality and our business models and cultures fit well together.”
Elmatica will initially be part of segment Nordic and Elmatica’s current CEO Didrik Bech will continue in his role as CEO of NCAB Group Elmatica. “In NCAB, we will get a strategic owner with a global customer base and together we can further broaden the product portfolio that we offer our customers. Both companies are based on similar Scandinavian values with a particular focus on high quality for advanced products and high customer satisfaction. The integration of our global manufacturing network, highly qualified colleagues and advanced IT systems will further secure the role of a global player in the PCB industry. I look forward to joining the NCAB Group to secure integration and to expand and ensure the supply chain for our customers who are leaders in their industries,” Bech commented.
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