Lammhults Design Group expands in Norway
16 September 2014 / Company news
Lammhults Design Group expands in Norway through the acquisition of Fora Form AS
Lammhults Design Group acquires 100 percent of the shares in design furniture company Fora Form AS based in Ørsta, Norway. In 2012, Fora Form’s net sales amounted to approximately NOK 125 million with an operating profit of around NOK 12 million. The company has about 70 employees. During the current year, both sales and operating result have developed positively.
The company, founded in 1929, is the market leader on the Norwegian design furniture market for public areas and over 80 percent of the sales are made in Norway. Fora Form has three distinct and separate product lines, adapted to different segments:
- Standard Collection – furniture (chairs, tables and sofas) for public areas, preferably for meeting places such as offices, shops, hotels and other public spaces. This segment accounts for about 70 percent of total sales
- Culture Collection – comprises fixed and retractable seating to auditoriums, i.e. to combined sports/cultural halls, cinemas, conference rooms and theaters/operas. This segment accounts for about 20 percent of total sales
- Health/care – contract manufacturing of product for the Japanese market. This segment accounts for about 10 percent of total sales
The purchase price for the shares is estimated to NOK 67 million. Closing is scheduled for early October 2013 and is subject to approval from the Competition Authority in Norway. Fora Form will be consolidated as of 1 October 2013 and will be included in the business area Office & Home Interiors.
”The acquisition strengthens Lammhults Design Group’s position in the important Norwegian design furniture market. Furthermore, the Group achieves access to products for the new segments education and training as well as health and social care,” says Anders Rothstein, CEO and Group President of Lammhults Design Group.