HEERENVEEN, The Netherlands (August 6) - Accell Group NV finalized the earlier announced acquisition of Tunturi in Finland. Tunturi manufactures and sells bicycles and fitness equipment such as exercise bikes and treadmills to the middle and higher segments of the market. The transaction involved the acquisition of all issued shares, and is financed out of Accell Group's own reserves. Accell Group has now grown further through the acquisition of Tunturi. Tunturi will immediately make a positive contribution to Accell Group's earnings per share.
The acquisition makes Accell Group the biggest player in the Finnish bicycle market. In 2002, Tunturi's turnover was around € 34 million while the financial results were written in black figures. The company which was owned by a bank, employs about 180 people. The knowledge and experience which Accell Group enjoys with regard to the manufacture and sale of bicycles, will allow synergies to be generated in Finland. The acquisition also gives Accell Group an important European position in the field of fitness equipment, fitting well in Accell Group's strategy, which is focussed on fun, fitness and free-time products.
Barring unforeseen circumstances, Accell Group anticipates a significant growth of earnings per share over 2003. (JO)