At the same time, as part of an asset deal, Schaltbau Holding AG has acquired 100% of the business operations of ALTE Transportation S.L. ("ALTE"), Barcelona, a subsidiary of Albatros S.L. which specialises in toilet systems and air conditioning systems. In 2013, ALTE achieved sales of € 20.0 million with a workforce of about 115 employees. Including the assumption of guarantees, the purchase price for both companies is in the low double-digit millions range.
Due to integration costs and other expenditure, the two acquisitions are unlikely to have a major effect on Group earnings achieved by Schaltbau Holding AG in 2014. The first-time consolidation of ALTE Transportation S.L. will result in the Schaltbau Group's total sales rising to around € 425 million in 2014. These takeovers will enable the Schaltbau Group to broaden its range of products and strengthen its presence, both on the Spanish market and in North and South America.