By Dominic Chopping


STOCKHOLM--Sweden's Alfa Laval AB said Monday that it has agreed to buy weather-intelligence provider StormGeo for 3.63 billion Norwegian kroner ($441.3 million) from EQT AB, DNV GL AS and a group of employees.

StormGeo, headquartered in Bergen, Norway, employs 515 people in 15 countries and provides solutions and services for weather-sensitive operations, primarily in the marine industry, offshore and other weather-dependent industries. The company's weather information services help customers mitigate risk, improve safety and make sustainable choices on routes and operations.

"The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonization challenge in the industry," Alfa Laval Chief Executive Tom Erixon said.

"Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space."

Closing is expected during the second quarter of 2021, subject to customary conditions, and is neutral to Alfa Laval's earnings before interest, tax and amortization margin and earnings per share.


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(END) Dow Jones Newswires

May 10, 2021 03:22 ET (07:22 GMT)

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