RUAG Ammotec acquires the remaining 60% of shares of Gyttorp AB as of 31 March 2017, thus becoming the sole owner of the company. Gyttorp is a leading distributor of hunting and shooting products in Sweden and Finland.
Since 2013, RUAG Ammotec has owned 40% of Gyttorp’s business through its wholly owned subsidiary Norma Precision AB. As of 31 March 2017, Norma Precision AB has acquired the remaining 60% of shares and becomes the sole owner of Gyttorp AB. Gyttorp AB currently employs 28 people.
“I’m very pleased to welcome Gyttorp Sweden and Finland to our RUAG wholesale network as fully owned companies. This is an important step towards strengthening our number one position in Europe”, says Thierry Daguenet, Vice President Sales Companies RUAG Ammotec.
Gyttorp AB combines wholesale activities in Gyttorp Jakt AB (Sweden) and Gyttorp Oy (Finland) with those in Gyttorp Cartridge Company AB (Sweden), which is the market-leading manufacturer of shot shells that are sold under the Gyttorp brand on the Swedish, Norwegian and Finnish markets. Gyttorp Cartridge Company AB has become part of Norma’s production organisation, but continues to operate at its current location in Nora.
The deal represents another step forward in the RUAG Ammotec strategy to strengthen its wholesale operations in order to develop its business and relations with distributors, dealers and end consumers, as well as expand its product portfolio with market-leading brands.
RUAG Ammotec, with its Hunting & Sport and Armed Forces & Law Enforcement business units, is the European market leader in small-calibre ammunition, pyrotechnic elements and components. Its precision ammunition for special forces is in high demand worldwide. The division is also the leader in heavy-metal-free primer technologies, as used in actuator cartridges in the construction industry and automotive safety system applications.
The parties have agreed not to disclose the purchase price.