STOCKHOLM – Hanza will acquire all shares in Orbit One, a Swedish company that offers contract manufacturing of electronics and electromechanics.

Orbit One has annual sales of approximately SEK1.1 billion ($105 million) with an operating profit (EBITA) of approximately SEK70 million ($6.7 million).

Orbit One operates in two production facilities in Sweden and one in Poland and has a total of approximately 620 employees, of which approximately 65 are engineers. The company has a strong position in the Nordic market for contract manufacturing of electronics and electromechanics with a stable and diversified customer base, and its acquisition strengthens Hanza's manufacturing cluster in Sweden and Central Europe, adds capacity and expertise in electronics manufacturing and contributes to increased earnings per share, Hanza said in a release.

The purchase price for the shares depends on the financial statements for November 2023 and is estimated to be SEK367 million ($35.1 million). In addition, there is an additional purchase price based on the company's performance in 2024, which is only due in the event of an improvement in earnings compared to 2023, and which is maximized at SEK91 million ($8.7 million).

Closing is subject to regulatory approvals, which are expected to be received by early January 2024 at the latest.

"Hanza is a good and long-term new owner with the strength and ability to continue developing Orbit One," said Orbit One board member and co-owner Mats Johansson. "We complement each other in an excellent way and the merger creates one of the Nordic region's most competitive contract manufacturers. Furthermore, Hanza, like Orbit One, places great emphasis on creating a good corporate culture with sustainable and sound values. This has been an important factor in the choice of a new owner."

"Orbit One is a respected colleague in the industry that has positioned itself as one of the leading electronics manufacturers," said Hanza CEO Erik Stenfors. "It is therefore with pride that we announce this acquisition that further develops Hanza's manufacturing cluster in Sweden and Central Europe in a very good way. The acquisition is also fully in line with our communicated strategy Hanza 2025."

"Hanza's unique manufacturing concept together with Orbit One's leading position in electronics manufacturing is a perfect combination," added Orbit One CEO Mattias Lindhe. "Together we will be able to develop and expand our businesses and become even stronger in our industry. This deal is good for both our customers and our employees."

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