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OrganoClick to acquire chemical firm Biokleen
Nov '16
OrganoClick AB, a Swedish company that develops functional materials based on environmentally friendly fibre chemistry, has entered into an agreement to acquire all shares in the Sweden-based Biokleen Miljökemi AB, a chemical technology firm that focuses on eco-labelled cleaning and maintenance products for wood, home, house, and car care.

The acquisition is part of OrganoClick's growth strategy and adds to the existing product portfolio another strong brand as well as a sales force for Swedish paint dealers.

The total price OrganoClick paid for Biokleen Miljökemi AB is SEK 16 million. The payment is proposed to be made by SEK 4.75 million in form of 823 224 shares in OrganoClick at a share price of 5.77 SEK / share and SEK 11.25 million in cash. The share price is calculated as an average share price during the period September 26 to October 26, 2016, with a discount of about 5 per cent. The final agreement was signed on 10 November, 2016. The cash will be financed through a combination of loans and a proposed directed emission of shares. The acquisition is expected to be completed in December 2016.

Biokleen Miljökemi products are used for washing off mould, algae, and dirt from facades, roofs and wooden decks. This is a great addition to OrganoClicks' existing wood treatment products. A number of Biokleen products are eco-labelled with the Swedish Swan and the product for algae and mould cleaning has been named “Best in Test” by the Folksam Test for mould cleaning products.

The agreement is conditioned upon that the extraordinary general meeting of OrganoClick resolves a share issue as part of the payment for Biokleen Miljökemi AB. The acquisition is thus expected to be completed in December 2016, after the decision is made to issue the shares by the OrganoClick extraordinary general meeting.

The acquisition also provides a substantial contribution of sales, cash flow, and profit for OrganoClick. (GK)

Fibre2Fashion News Desk – India

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