Regulatory News: Vitrolife (STO:VITR) is acquiring a further 9 percent of the
shares in A.T.S. Srl, the distributor of Vitrolife's products in
Italy. Vitrolife thereby owns 60 percent of the company, with an
option to acquire a further 10 percent within six months. "We are very
pleased with how A.T.S has developed over the past six months: the
development of both sales and earnings has been stronger than planned"
says Magnus Nilsson, Vitrolife's CEO.
In January 2008 Vitrolife acquired 51 percent of the shares in
A.T.S. Srl, the distributor of Vitrolife's products in Italy since
1999. The acquisition is in line with Vitrolife's strategy to operate
under its own management in key markets and increases the
opportunities for A.T.S. to be more aggressive and be able to increase
its market share in the Italian market.
In the agreement there is an option for Vitrolife to acquire a
further 9 percent of the shares within 6 months and subsequently a
further 10 percent within 12 months of the original acquisition date,
that is a total of 70 percent. It is the first part of this option
that has now been utilized. For the first quarter of 2008, the
acquisition positively affected the consolidated sales figure by SEK
2.4 million, with good profitability.
The seller of the shares is Paolo Trabucchi, one of the founders
and previously the sole owner of A.T.S.
Approximately 24,000 infertility treatments are performed in Italy
per year and the number of fertility centers amounts to approximately
300. The potential market value for instruments and media amounts to
SEK 40-50 million.
Vitrolife is a global biotechnology/medical device Group that
works with developing, manufacturing and selling advanced products and
systems for the preparation, cultivation and storage of human cells,
tissue and organs. The company has business activities within three
product areas: Fertility, Transplantation and Stem Cell Cultivation. The Fertility product area works with nutrient solutions (media) and
advanced consumable instruments such as needles and pipettes, for the
treatment of human infertility. The Transplantation product area works
with solutions and systems to maintain tissue in optimal condition
outside the body for the required time while waiting for
transplantation. The Stem Cell Cultivation product area works with
media and instruments to enable the use and handling of stem cells for
therapeutic purposes.
Vitrolife today has approximately 140 employees and the company's
products are sold in more than 80 markets. The head office is in
Kungsbacka, Sweden, and there are subsidiaries in Sweden, USA,
Australia and Italy. The Vitrolife share is listed on the OMX Nordic
Exchange Stockholm's Nordic Small Cap list.
Vitrolife AB (publ), Faktorvagen 13, SE-434 37 Kungsbacka, Sweden. Corporate identity number 556354-3452. Tel: +46 31 721 80 00. Fax: +46
31 721 80 90. E-mail: info@vitrolife.com. Homepage: www.vitrolife.com.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
This information was brought to you by Cision
http://newsroom.cision.com
Regulatory News:
Vitrolife (STO:VITR) is acquiring a further 9 percent of the shares in
A.T.S. Srl, the distributor of Vitrolife’s
products in Italy. Vitrolife thereby owns 60 percent of the company,
with an option to acquire a further 10 percent within six months. “We
are very pleased with how A.T.S has developed over the past six months:
the development of both sales and earnings has been stronger than planned”
says Magnus Nilsson, Vitrolife’s CEO.
In January 2008 Vitrolife acquired 51 percent of the shares in A.T.S.
Srl, the distributor of Vitrolife’s products
in Italy since 1999. The acquisition is in line with Vitrolife’s
strategy to operate under its own management in key markets and
increases the opportunities for A.T.S. to be more aggressive and be able
to increase its market share in the Italian market.
In the agreement there is an option for Vitrolife to acquire a further 9
percent of the shares within 6 months and subsequently a further 10
percent within 12 months of the original acquisition date, that is a
total of 70 percent. It is the first part of this option that has now
been utilized. For the first quarter of 2008, the acquisition positively
affected the consolidated sales figure by SEK 2.4 million, with good
profitability.
The seller of the shares is Paolo Trabucchi, one of the founders and
previously the sole owner of A.T.S.
Approximately 24,000 infertility treatments are performed in Italy per
year and the number of fertility centers amounts to approximately 300.
The potential market value for instruments and media amounts to SEK
40-50 million.
Vitrolife is a global biotechnology/medical device Group that works
with developing, manufacturing and selling advanced products and systems
for the preparation, cultivation and storage of human cells, tissue and
organs. The company has business activities within three product areas:
Fertility, Transplantation and Stem Cell Cultivation. The Fertility
product area works with nutrient solutions (media) and advanced
consumable instruments such as needles and pipettes, for the treatment
of human infertility. The Transplantation product area works with
solutions and systems to maintain tissue in optimal condition outside
the body for the required time while waiting for transplantation. The
Stem Cell Cultivation product area works with media and instruments to
enable the use and handling of stem cells for therapeutic purposes.
Vitrolife today has approximately 140 employees and the company’s
products are sold in more than 80 markets. The head office is in
Kungsbacka, Sweden, and there are subsidiaries in Sweden, USA, Australia
and Italy. The Vitrolife share is listed on the OMX Nordic Exchange
Stockholm's Nordic Small Cap list.
Vitrolife AB (publ), Faktorvägen 13, SE-434
37 Kungsbacka, Sweden. Corporate identity number 556354-3452. Tel: +46
31 721 80 00. Fax: +46 31 721 80 90. E-mail: info@vitrolife.com.
Homepage: www.vitrolife.com.
This is a translation of the Swedish version of the press release.
When in doubt, the Swedish wording prevails.
This information was brought to you by Cision http://newsroom.cision.com
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