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Electrolux Group Acquires Diamant Boart International

July 12, 2002
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CLEVELAND--(BUSINESS WIRE)--July 10, 2002--Electrolux Group has finalized the acquisition of Diamant Boart International S.A., a world-leading manufacturer and distributor of diamond tools and related equipment for the construction and stone market. The seller is Candover, a UK-based private equity company. The purchase price is SEK 1,700m (approximately $184.7m) on a debt-free basis. The acquisition is expected to increase the Group's operating income by approximately SEK 200m ($21.7m) on an annual basis.

In 2001, Diamant Boart had sales of SEK 2,500m (approximately $272m) and 2,000 employees worldwide. The company is headquartered in Brussels.

"Diamant Boart is an excellent fit to our own business, and this acquisition will make us the world's largest manufacturer of diamond tools for the construction and stone industries," says Bengt Andersson, Head of Electrolux Professional Outdoor Products. "Diamant Boart is an acknowledged technical leader in this industry and its position will be further strengthened under our ownership."

In 2001, Electrolux Group worldwide sales of power cutters and diamond tools totalled SEK 1,300m (approximately $141m) . This business is part of Electrolux Professional Outdoor Products, and the products are sold under the brands Dimas and Partner.

In North America, the acquisition includes Diamant Boart's Target brand of professional blades and sawing equipment and Felker brand of tile saws and blades. Target is the North American leader in this equipment field. The product range includes diamond blades, concrete saws, tile saws, masonry saws, diamond core bits and core drills. Information is available at www.targetblue.com or www.felkersaws.com. The Target and Felker brands marketed by Diamant Boart North America are headquartered in Olathe, Kansas with a factory in Columbia, South Carolina.

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