Addtech Energy (STO:ADDTB) is buying 80 percent of Rutab AB’s outstanding shares for an undisclosed amount.
Rutab, headquartered in Nässjö, Sweden, supplies elctro-technical materials for automation technology. The company focuses on cable glands, grommets, which are metal rings inserted through small holes in material, and conduits for cables.
Rutab has sales of around $17.9 million. The deal is expected to close in April.
Addtech expects the company to complement its energy product operations. The company markets and products for power transmission, equipment and materials. Its customers are mainly from the commercial vehicle industry.
The company is a part of Addtech AB, a Stockholm-based technology company that sells components and systems to industrial companies in Northern Europe.