Momentum Group acquires WEH Sweden – strengthens its offering in gas and hydrogen components
Momentum Group has today, through its subsidiary Processkontroll Items (iTEMS), signed an agreement to acquire 100 per cent of the shares in WEH Sverige AB. WEH Sverige is a specialist in CNG/Hydrogen refueling components and gas detection. Closing is expected to take place at the end of November and the acquisition is expected to have a marginal positive impact on Momentum Group's earnings per share during the current financial year.
“Company acquisitions are an important part of Momentum Group's growth strategy. WEH Sweden, with its focus on gas refueling systems and detection instruments, operates in a growing market segment with development potential that fits well into our group,” says Anders Larsson, Head of Specialist at Momentum Group.
“iTEMS' add-on acquisition of WEH Sweden will strengthen our position and offering in the energy gas market as well as our other markets in the refinery, petrochemical and process industries. We see an exciting opportunity to gear up our business together with WEH Sweden,” says Rolf Söderström, CEO of iTEMS.
WEH Sweden was founded in 2018 by Pierre Gustavsson and has customers in the process, gas and biogas industry in Sweden. The company represents well-known brands such as WEH, Teledyne, Sensitron and Rittmeyer and offers a wide range of products, primarily in quick couplings, refueling components, check valves and gas detection. The company also offers service, training, design and installation. The operations are conducted from Partille and have annual sales of approximately SEK 10 million.
WEH Sweden will be integrated into Items and will, under the current management, be a competence centre in its focus areas.
“I will continue to develop the close relationships with my customers – now beeing facilitated when I together with iTEMS can strengthen our offering to them,” says Pierre Gustavsson, founder and owner of WEH Sweden.
