Aros Quality Group AB has, 10th of October, acquired 42% of the shares in AQ Electric AD, at the amount of 1,06 MEUR cash.
Since 2003 AQ owns 53% of the shares in the company. AQs total ownership after this acquisition amounts to 95 %.
AQ Electric AD has 350 employees and is manufacturing sheet metal products, electrical power and control equipment.
According to CEO Claes Mellgren the reason for the investment is to further expand the business in Bulgaria. Bulgaria is a fast growing economy that has a lot of technical knowledge and at the same time low cost of operations.
AQ has a number of customers that are interested to increase the cooperation with our Bulgarian operations. AQ has today more than 800 employees in two companies in Bulgaria.
For further information, contact:
CEO: Claes Mellgren, 070 592 8338
Chairman of the Board: P-O Andersson 070 526 9077
AQ is one of Sweden's leading suppliers of Components and Systems for industrial customers with high demands.
The company shares are quoted on Aktietorget.
The group consists of profit-driven enterprises, which each develop their special skills and expertise and, in collaboration with other companies in the group, strive to offer cost-effective solutions for the customer.
The group has two business segments: Components, which produces punched metal, transformers, cables, plastic injection moulding and mechanical components, and Systems, which develops and produces power and automation solutions and complete machines in close collaboration with the customer.
AQ has slightly more than 2 700 employees in Sweden, Bulgaria, China, Poland, Estonia, India and Italy.
In 2010, AQ had a turnover of approximately 1.9 billion SEK.
AQ has a AAA credit rating.