Anders Blomqvist appointed Chief Financial Officer
Anders Blomqvist has been appointed Chief Financial Officer for Ferronordic Machines Group. Before this assignment Anders was responsible for corporate development within the company and in June of this year Anders successfully led the company’s SEK 400 million bond issuance. As CFO, Anders will have the overall responsibility for the Finance function within Ferronordic Machines.
Anders Blomqvist is a co-founder of the company and was involved in Ferronordic Machines purchase of the VCE distribution business in Russia in 2010. Prior to joining Ferronordic Machines, Anders worked within investment banking for 13 years in the UK and the US.
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Ferronordic expands to the USA – acquires one of the country’s largest Volvo Construction Equipment dealers
Ferronordic has entered into an agreement to purchase Rudd Equipment Company, Inc. (“Rudd”), one of the largest dealers of Volvo CE in the United States with operations in all or parts of nine states. Ferronordic thereby takes its first step to expand into the important US market. The purchase price amounts to USD 95.0m, corresponding to 5.8 x 2022 adjusted earnings before tax. In 2022, Rudd had sales of USD 308.3m with an operating income of USD 16.5m and earnings before tax of USD 16.4m (both adjusted to IFRS). In addition, Ferronordic acquires two real properties for USD 10m, currently rented by Rudd.