As the leading system integrator in the Nordics, Goodtech has a strong core in industrial automation and digitalization. The company has previously announced its ambition to strategically reposition Goodtech and takes an important step to focus its activity and strengthen profitability by exiting the subsidiary Goodtech Solutions AB (“GSAB”).
GSAB has strong roots in the Swedish manufacturing industry and is recognized in the market for its assembly of production lines and robot cells. Goodtech has in its strategic business reviews deemed that this segment is exposed to higher risk and lower reward-type projects than the rest of Goodtech’s operations and requires higher revenue volumes and scale to deliver sustainable profits. Goodtech’s core business is defined as industrial automation and digitalization, with typical project risk exposure considered to be low or balance. GSAB has therefore been considered to be outside Goodtech’s core business focus, and the group has decided to divest the activity to Lazarus Industriförvaltning AB (“Lazarus”), a Swedish investment company.
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“This is a long-term and strategic investment for us in an industry where we have extensive experience and see great potential. We look forward to developing the business further together with the company’s employees and customers, creating sustainable growth going forward” says Pascal Keck, partner at Lazarus.
Through this transaction, Goodtech ASA will divest 100% of its shares in GSAB to Lazarus. This transaction does not implicate an exit out of Sweden for Goodtech. Goodtech’s strategic ambition is to continue to transform the industry through automation and digital solutions, and the company will continue to look for potential growth venues in its core business area going forward.
“We are very happy to have found a solution with Lazarus to grow GSAB further. This transaction will benefit the customers, the GSAB employees and Goodtech, and marks yet another significant milestone in Goodtech’s strategic repositioning” says Margrethe Hauge CEO of Goodtech ASA.
This transaction means that Goodtech – in accordance with the guidelines in IFRS 5, will disclose GSABs financials as held for sale in the balance sheet and as discontinued operations in the P&L statement for Q4 2024 to be released to the market 14.02.2025. GSABs unaudited financial statement for 2024 currently indicates revenue of 140 MSEK, and EBITDA of -20.4 MSEK, which needs to be adjusted for intercompany and IFRS 16 leasing effects. These – in addition to a 5.1 MNOK goodwill write-down associated with the sale will be acknowledged and addressed further in the notes of Goodtechs upcoming annual report for 2024.
The share purchase agreement was signed and closed on 10.02.2025, with an undisclosed transaction value.
For media inquiries, please contact:
Margrethe Hauge, CEO Goodtech ASA
Phone: +47 957 96 920
Email: Margrethe.hauge@goodtech.no
Anders Engelsen, CFO Goodtech ASA
Phone: +47 932 07 901
Email: anders.engelsen@goodtech.no
IMPORTANT INFORMATION
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock exchange announcement was published by Anders Engelsen, CFO Goodtech ASA, at the time and date stated above in this announcement.
This release contains forward -looking information and statements relating to the business, performance, and matters that may impact the results of the group. Forward-looking statements are statements that are not historical facts and may be identified by words such as “aims,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “predicts,” “projects,” “targets,” “potential,” and similar expressions. Such forward-looking statements are based on current expectations, estimates, and projections, reflect current views concerning future events, and are subject to risks, uncertainties, and assumptions, and may be subject to change without notice. Forward-looking statements are not guarantees of any future performance, and risks, uncertainties, and other important factors could cause the actual business, performance, results, or the industry and markets in which the group operates to differ materially from the statements expressed or implied in this release by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted performance, capacities, or results will be achieved, and you are cautioned not to place any undue reliance on any forward-looking statements.
This release is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the group.
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