Svenska Engelska
21 juni 2021

Addtech acquires EK Power

Addtech’s Business Area Components has signed an agreement today to acquire all shares in EK Power Group AB with its subsidiary EK Power Solutions AB.

Photo: Michael Ullskog och Vidar Wernöe

EK Power Solutions is the Nordic region’s leading design house for power electronics and electric motor drives. The development assignments are performed from the company’s premises in Danderyd north of Stockholm. The customers are mainly high-tech companies in the Nordic region in industry, machine builders, special vehicles, defense, maritime and railways.

The company was founded in 1978 and is today the leading Nordic player in the development of power electronics. In the last 3 years, the company has completed assignments for over 100 companies. EK Power Solutions has twenty-five employees and annual sales of just over 40 MSEK.

Addtech is a technical solutions group that provides both technological and economic value in the link between manufacturers and customers. Addtech operates in selected niches in the market for advanced technology products and solutions. Its customers primarily operate in the manufacturing industry and infrastructure. Addtech has about 3,000 employees in more than 140 subsidiaries that operate under their own brands. The Group has annual sales of more than SEK 11 billion. Addtech is listed on Nasdaq Stockholm.

The acquisition of EK Power strengthens Addtech’s subsidiaries’ ability to deliver complete solutions to their customers. This by combining components and standard solutions with custom design solutions. A large area of growth is electric motor drive systems, which today account for over 60 percent of electricity usage within the industry and almost 40 percent of Sweden’s total electricity usage. More efficient power electronics and electric motor drives are an enabler in the current electrification to achieve the climate goals. EK Power Solutions’ highly efficient solutions contribute to better energy efficiency and a sustainable future.

“It is with great trust, confidence and enthusiasm we join the Addtech family”, says Vidar Wernöe, CEO and owner of EK Power. “To be able to further strengthen our strong brand and maintain our unique engineering spirit has been important and crucial factors in the acquisition. Addtech’s large product portfolio, broad network of contacts and decentralized structure opens up for new opportunities for our business and our skilled engineers. Together with Addtech we can lift each other’s operations in the current electrification wave and the transition towards a sustainable future”.

It is with great pleasure that we welcome EK Power Solutions to Addtech”, says Michael Ullskog, Business Unit Manager, Addtech Components, Sweden. “With its proven cutting-edge expertise in power electronics and motor drives, we see that EK Power has an attractive offer in a growing market. We see great opportunities in helping customers in their electrification and streamlining of electric motor drives for a number of different applications, and thus together with EK Power contribute to sustainable development.”

The closing will take place during July and is estimated to have a marginally positive effect on Addtech’s earnings per share during the next financial year.

For further information:

Michael Ullskog,
Business Unit Manager, Addtech Components Sweden, +46 70 603 75 74

Vidar Wernöe,
CEO and owner, EK Power Solutions AB, +46 70 605 56 15

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