Sura Magnets, the leading Scandinavian manufacturer of polymer-bonded permanent magnets, is to strengthen its development resources and customer service. This is to be achieved by acquiring the competitor company Euromag Sweden, which has a very similar product line. Through this acquisition, Sura Magnets, which is well established within the automotive industry and medical sector in Germany, France and Switzerland, will gain increased market coverage in the U.K. and other locations.

"Now we can both broaden our engineering and technology expertise and provide our customers with even better support," says Dr. Martti Paju, Managing Director of Sura Magnets. "We will also gain from certain synergies within purchasing."

"Development work requires many tests and simulations, which demand specialist knowledge, and a lack of technicians has limited our expansion. So these additional resources are valuable. Until now, we have trained our newly employed engineers ourselves, which takes about nine months," says Dr. Paju.

The company makes custom magnets for the automotive industry - which places many strict requirements on delivery and quality assurance - and for applications within medico-technology areas.

Autoliv uses the company's products in its safety-belt holders and BMW and Mercedes use them in electronic accelerator pedals and Xenon-based headlights. Permanent magnets are also found in other products, such as dialysis machines. The company is certified in accordance with ISO 9001 and will soon also be certified in accordance with QS 9000, the automotive industry's proprietary quality assurance system.

Open to new markets
"Extended certification makes it possible for us to expand our supplies to the major vehicle manufacturers with demands on quality assurance systems," says Nils Pahlbäck, Managing Director of Euromag Sweden. "The collected resources also mean that we can participate in larger customer projects than was previously possible, as well as enter new markets."

Euromag Sweden manufactures, like the parent company, polymer-bonded magnets and magnet systems, as well as magnetisation fixtures, measuring coils, and some electromagnetic products. Euromag Sweden's annual turnover is about SEK 10 million. Sura Magnets' annual turnover is SEK 40 million and, in part due to the acquisition of Euromag, is expected to increase to SEK 60 million in 2003. Exports account for about 65 percent of sales. The parent company, Sura Magnets, is a part of the PB-Option Group.

For further information, please contact
Dr. Martti Paju, Sura Magnets AB
Telephone: +46 121 35 310
Mobile: +46 70 493 10 81
Fax: +46 121- 35 315
E-mail: info@suramagnets.se
Website: www.suramagnets.se

Nils Pahlbäck, Euromag Sweden AB
Telephone: +46 8 30 75 04
Fax: +46 8 30 75 49
E-mail: info@euromag.se
Website: www.euromag.se