Algol Group to expand to Scandinavia

Algol has acquired the entire share capital of the Swedish company Björn
Fredlund AB. The company, which concentrates on the distribution of speciality
chemicals in the Scandinavian market, will operationally join the Algol Group
in September 2001.This deal is to strengthen Algol´s position and expand its
Nordic market area as international competition in chemicals distribution
increases.

Björn Fredlund AB, founded in 1988, has office premises and a warehouse in
Helsingborg and a tank storage in Gothenburg, Sweden. Its subsidiary Bjorn
Fredlund AS operates in Norway, where it has office premises in Lysaker, Oslo,
and a warehouse in Drammen. The companies´ annual total sales amount to EUR 25
million, of which their own invoicing accounts for some EUR 9 million. The
number of employees is 14. The product range, focusing on raw materials for the
paint industry and additives for the rubber and plastics industry, fits the
sales programme of Algol´s Chemical Division with hardly any overlapping.

In the Algol Group, Björn Fredlund AB and its subsidiary will operate under
their own name as a part of the Chemical Division´s operations. Björn Fredlund
will continue as Managing Director.

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