Accell Group N.V. announces that the company finalized the earlier announced acquisition of the Finnish Tunturi. 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 EUR 34 million. The extensive 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.
