Alfa Laval to Buy Weather Intelligence Provider StormGeo for $441.3 Million
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
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
May 10, 2021 03:22 ET (07:22 GMT)
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