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business news
Tagmaster set to acquire French ITS company
Stockholm, Sweden
Tagmaster, a leading supplier of advanced RFID, traffic sensor products and ANPR cameras for vehicle identification within traffic and rail solutions, has signed a Letter of Intent to acquire SA Magsys in France. Magsys was established in 2003 and is the leading added value ITS (intelligent transportation solutions) distributor in France with a strong foothold in vehicle counting, travel time management and on-street parking monitoring. Magsys are selling towards the French road administrations in cit-
ies, departments and to highways (toll roads). Sales for 2018 are expected to reach 2,5M€ with a good EBITDA margin. The consideration will be funded from the existing bank facilities and the acquisition is expected to be earnings enhancing to Tagmaster in the first full financial year following the transaction. The transaction is conditional upon a successful due diligence and is expected to close before end of 2017. ”Tagmaster is excited about this important step in our growth
strategy and we will together with Magsys become a stronger player in the traffic solutions market in France. Following this acquisition we will continue to establish ourselves as an important player in smart city solutions. There are clear and immediate synergies between Magsys and CA Traffic and Citysync. With the combined expertise at Magsys and CA Traffic and Citysync we believe we have an excellent opportunity to become one of the main players in the fast growing French ITS market. We will also take full
advantage of CA Traffic’s technical expertise in traffic monitoring products and start distribute them through Magsys strong client base in France.” says Jonas Svensson, CEO, Tagmaster. Commenting on the acquisition, Jean-Marc Coutellier Magsys MD, said “We are very pleased to be joining the Tagmaster Group. We recognise and welcome the strength that the union will bring to both brands and the synergies that are immediately apparent with the other Tagmaster companies.”
Johnson Controls completes 2 billion dollar sale to 3M
Cork, Eire
Johnson Controls has completed the sale of its Scott Safety business to 3M for approximately $2.0 billion. Scott Safety is a leader in high performance respiratory protection, gas and flame detection, thermal
imaging and other critical products and is expected to generate sales of approximately $575 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately $160 million in fiscal 2017.
Net cash proceeds from the transaction were $1.9 billion, and will be used to repay a portion of Tyco International Holding Sarl’s $4.0 billion of merger related debt. For fiscal 2018, dilution
related to the sale of Scott Safety is expected to be fully offset by lower net financing charges, a lower effective tax rate resulting from the transaction, as well as the benefit of share repurchases completed in fiscal 2017.
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