Otterlei Group acquires part ownership of FossTech
Otterlei Group AS has acquired part ownership of Fosstech AS, located in Sandefjord, Norway. A share issue was recently agreed upon, where Otterlei will take over 40% share ownership of the company. Fosstech’s market is expanding rapidly and the company aims to be a world leading niche supplier of encapsulated electronics for ocean space and other demanding environments, such as the defence industry.
– The past three years have been spent restructuring and developing our own process technology. I feel that the time is right to join forces with a major industrial partner, commented founder, and prior to the emission, single owner, Mr. Steven Foss. Turnover for 2017 was 58 MioNOK. Prior to the 2015 oil crisis, turnover was approaching 100 MioNOK. With a growing order book, healthy economy and 40 experienced employees, Mr. Foss believes it is possible to exceed the 100 MioNOK mark already in one to two years.
FossTech was established in 1997 as a machining company. In recent years it has developed towards electromechanical production. In the course of our 20th anniversary year 2017, the machining production ceased. In addition to all types of electromechanical assembly, the company’s most important activity today, is the production of cables and encapsulation of electronics in plastic and composite materials.
Otterlei Group is a privately owned investment company, with an ownership portfolio including Adax, Norac, Norac Badekabiner, Bosvik, Agdersveis, Kristiansands Skruefabrikk and Arendals Bryggeri (50%). The company has bases in Svelvik, Arendal, Risor and Kristiansand. Otterlei has in addition, companies in Sweden, Lithuania and China. The Group has 800 employees and expects a turnover of 1 BioNOK in 2018.
– FossTech has developed a unique process technology and has many exciting customers. The company is a good match for our portfolio of industrial companies and I see great potential for synergy effects and mutual benefits. Our participation in Fosstech will be positive for both customers and employees, comments majority shareholder and Chairman of the Board of Otterlei Group, Mr. Jan Sigurd Otterlei. It is now 18 years ago that this engineer from Arendal established the Otterlei Group, which in addition to industry is also engaged in property and financial investments.
For more information:
Mr. Steven Foss, FossTech AS, ph. +47 922 01 608, e-mail: email@example.com
Mr. Jan Sigurd Otterlei, Otterlei Group AS, ph. +47 901 01 163, e-mail: firstname.lastname@example.org