Aarbakke acquires Brd. Bauer-Nilsen AS

Bryne, 13th June 2007:
The Aarbakke Group announced today that it has entered into a letter of intent to acquire 78% of Brd. Bauer-Nilsen AS (BBN), a leading manufacturer of high-pressure hydraulic equipment for offshore, marine and land-based industries. BBN is based in Haugesund, and has been a supplier to Aarbakke for 15 years.

“Our goal is that the Aarbakke Group shall become a supplier of complete solutions, and BBN fits like a glove in this context”, states Inge Brigt Aarbakke, CEO of the Aarbakke Group.

The acquisition of BBN will strengthen the Aarbakke Group with 60 new employees and annual revenues of NOK 110 million. New production facilities of 6,500 square meters is to be built at BNN’s dock site at Karmøy. The Aarbakke Group is also expanding its production capacity both at Bryne (4,500 square meters) and Vigrestad.