Alfa Laval Completes StormGeo Acquisition
Swedish-based equipment manufacturer Alfa Laval announced Tuesday it has completed its acquisition of Norwegian weather intelligence and decision support services provider StormGeo.
Alfa Laval, which announced the deal in May, said the acquisition is part of a strategy to boost its digital services offering and support the maritime industry’s operational efficiency efforts. StormGeo will become a part of Alfa Laval's marine division.
The purchase price is fully financed via cash and amounts to MNOK 3,630 (approximately MSEK 3,700) on a debt and cash free basis. The acquisition is neutral to Alfa Laval’s EBITA margin and earnings per share, the company said.
StormGeo’s weather information services help customers mitigate risk, improve safety and make sustainable choices on routes and operations. StormGeo was founded in 1997 and has since 2014 been under the ownership of EQT, DNV GL and a group of employees. Total sales in 2020 amounted to MNOK 714 (MSEK 699).