March 3, 2020
DAILY BRIEF: Bicycles, new owners, research collaboration, a significant order and an award
INTO SCHOOL wins award for bringing creativity and technology to the classroom.
All the daily Finnish business news that works: Pelago Bicycles, Hy-Tech Comp, Aiforia, Automatia, Picosun, and INTO SCHOOL make headlines.
Pelago Bicycles signs with a big partner in the US, Automatia and Hy-Tech Comp receive new Swedish owners, Aiforia collaborates on ALS disease research, Picosun wins a significant order in Asia, and INTO SCHOOL is awarded in Dubai.
Finnish Pelago Bicycles has signed a sales contract in the US with Quality Bicycle Products (QBP), the largest distributor of bicycle parts and accessories in the industry. The contract is for the sale of its bike accessories, which have become an increasingly important part of the business, especially its premium bike-mounted racks. Pelagon still considers bicycles its primary focus and Europe its main market, where its sales are the strongest in Germany and Denmark after Finland. Exports make up around 70 per cent of the Finnish company’s sales.
Swedish EMS Provider Inission will acquire 100-per cent ownership of HY-Tech Comp, a Finnish manufacturing services provider in mechanics, electronics and electromechanics with production units in Finland and Estonia. The purchase price is 3.3 million euros, of which Inission will pay 1.62 million euros in cash and the rest with 147 000 of its B-shares. The seller is Finnish private equity firm Helmet Capital.
Finnish company Aiforia Technologies and NeuroScience Associates (NSA Labs) have partnered to learn more about how amyotrophic lateral sclerosis (ALS) affects brain function. The project is inspired by the donation of an entire brain and spinal column by a friend of an NSA employee who died from ALS. NSA Labs will use the donation to create a whole-brain reference dataset for ALS research and leverage Aiforia’s artificial intelligence platform to support the analysis.
Swedish cash handling company Loomis is acquiring 100 per cent of Automatia Pankkiautomaatit from present owners Danske Bank, Nordea and OP Financial Group. The enterprise value (purchase price plus acquired net debt) is approximately 42 million euros. Automatia operates Finland’s largest ATM network under the Otto brand, as well as provides nationwide cash supply services for bank branches, night safes for retailers and a digital platform for instant payments.
Picosun delivers ALD systems for lighting production in Asia
Finland-based Picosun Group has been selected by a major Asian customer to deliver multiple atomic layer deposition (ALD) systems for manufacturing solid-state lighting devices. Solid-state devices not only run on significantly lower power and have a much longer lifetime than other lighting devices, but can also be improved further with high-quality ALD thin-film coating. ALD technologies are used in various industries to achieve sustainable solutions, often by replacing thick, lower-quality coatings with ultra-thin and high-quality ALD films.
Finnish education innovation INTO SCHOOL was awarded at the annual GESS Education Awards Gala in Dubai on 26 February. It was the winner of the Best Product to Promote Arts, Music and Drama in the Classroom category, which received entries from 90 countries. The Finnish education concept brings technology-supported creative learning to K-12 education and is based on the recently introduced national core curriculum in Finland.
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