Nederman Holding AB, a Swedish maker of air filtration technology, rose to its highest intraday level ever after it agreed to buy Charlotte, North Carolina-based Environmental Filtration Technologies.
The shares advanced as much as to 135 kronor, the highest intraday level since the share started trading in Stockholm on May 16, 2007. Nederman rose 8.7 percent to 128 kronor as of 10:38 a.m. local time.
Nederman will pay about 249 million kronor ($37.5 million) for closely held EFT the company said today in a statement. EFT’s knowledge in areas such as the mining, chemical and steel industries will complement Nederman’s offering and will expand the Helsingborg, Sweden-based company’s presence in the U.S. and Australia, the company said.
“EFT also exports to growth markets where Nederman is already present, which can be utilized for further expansion,” the company said. “In all, this acquisition creates a substantial platform for further growth.”
EFT will be consolidated into the group starting Oct. 1. The financing is secured and no authority approvals are required, Nederman said.