Adax Group Aquires Norac AS

Friday, September 30, 2005
Norac AS is forging ahead as one of the leading manufacturers of marine accommodation systems by joining ADAX Industrier, which will further boost its growth and development.

"This acqusition represents substantial growth for the Adax Group, giving both key geographical and manufacturing synergies," says corporate head Lars G. Otterlei.

"Norac's strong brand and international experience fits well with our strategic plans for development and global expansion. Together with Norac, the Adax Group will have 700 employees, 500 of which are outside Norway," he said. Otterlei anticipates annual ADAX turnovers to reach NOK 500 million in 2006.

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