NCAB Acquires Elmatica AS in Norway


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NCAB has acquired 100% of the shares in the Norwegian company Elmatica AS, which started operations in 1971 and is one of the oldest PCB trading companies in the world. The company 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, with an EBITA result of approximately SEK 45 million.

The purchase price for Elmatica amounts to SEK 315 million with a possible added earn-out price based on the results in 2021.

The acquisition is consolidated from today and will imply an increase in Earnings per share in NCAB in 2022. Synergies will arise, among other things, 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 cash and loans.

“We are very pleased to have acquired Elmatica,” says 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 segment (high-mix, low-volume). 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.”

“Having built up Elmatica for 50 years, it is now time for the next step and there is a strong market logic for this combination. NCAB will be a good owner of Elmatica in the eyes of both customers and employees,” says Petter Hatlem, Chairman of the Board of 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," says Didrik Bech, CEO of Elmatica.

Elmatica will initially be part of segment Nordic and Bech will continue in his role as CEO of NCAB Group Elmatica.

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