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October 26th 2017
Norsk Elektro Optikk Group sells NEO Monitors

Norsk Elektro Optikk group (NEO) has entered into an agreement with Swedish listed company Nederman Holding AB regarding the purchase of all shares in NEO Monitors AS. The purchase price is approximately 402 MNOK, on a cash and debt free basis.

NEO Monitors is an enterprise with close to 40 employees, developing, producing and marketing industrial gas analyzers based on laser technology. The annual production is in the range of 1000 analyzers, and revenue surpasses 100 MNOK, mostly on the international market. NEO owned 83% of the shares in the company. The products will still be marketed under the NEO Monitors brand. The new owner intends to develop the business further, based on the Norwegian location.

NEO Group's owner is the Irma Salo Jæger and Tycho Jæger's Foundation. The sale income will be invested according to the foundation's statutes, mainly within R&D, innovation, and product development in areas of applied physics.

«The new capital base will allow us to initiate R&D projects of high risk, provided we can identify an interesting commercial upside. We are well positioned to efficiently commercialize current and new innovation projects»,
  says CEO Tore Gimse.

NEO group is already running projects with significant commercial potential, e.g., the group has a leading position in building hyperspectral cameras for numerous applications.

«We have developed NEO Monitors into a sound and profitable enterprise. Our assessment that we could identify a buyer having synergies who would be willing to pay significantly more for the company than the value as part of our group turned out to be correct. With Nederman as new owner we feel confident that NEO Monitors and the employees will have great opportunities»,
  says Erik Rosen (Chairman of the Board in NEO and the Foundation).

Contact details:
Tore Gimse, CEO Erik Rosen, Chairman
T: +47 67 97 47 00 M: +47 930 43 999

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