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Technor and Italsmea join forces

Stavanger, 1 March 2007: Technor has acquired 70% of the shares in Italsmea with an option to acquire the remaining 30% within 3 years

Italsmea is a leading Italian based manufacturer of Ex certified lighting fixtures, junction boxes, pushbutton stations and cable glands with main offices and production facilities in Milan. Italsmea also has own operations in Singapore and a joint venture operation with El-Sewedy Group in Egypt. Italsmea will be a great addition to Technor’s ElectroTech division with its versatile product range and strong position in the global oil & gas project market. This acquisition will give Technor the  opportunity to offer a complete range of explosion proof products and will give growth opportunities to both Technor and Italsmea. Italsmea will continue under the same management team lead by Mr. Giulio Miti.

The Technor Group is a leading Norwegian based technology company with global activities within explosion proof equipment and systems (ElectroTech); valves, actuators and wellhead equipment with special competence in cryogenic valves (FlowTech); seismic cables, umbilical terminations and subsea control systems (Subsea). Technor’s three divisions with revenue of NOK 1,35 billion serve a wide array of customers in the global oil & gas, offshore, marine, and energy generation markets from locations in Norway, UK, France, Italy, Egypt, Dubai, Singapore, USA and Brasil.

Technor is a portfolio company in HitecVision Private Equity's Fund IV.

www.technor.com