Algol Group strengthens its chemical operations in Scandinavia

Björn Fredlund Ab, Algol´s subsidiary in Sweden, has acquired the business
operations of the Swedish company UddChem Ab, which is specialized in the
wholesale trade and distribution of industrial chemicals with total annual
sales of approximately 20 million SEK. This deal is to strengthen the position
of the Algol Group in the Nordic market area. The operations of UddChem Ab will
be incorporated with Björn Fredlund Ab at the beginning of October.

The deal increases the resources of Algol Group´s Chemical Division with raw
materials and additives with a focus on the rubber and coating industries, and
with new sales representations from Asia and Europe. The transaction does not
involve any arrangements related to employees. Having run the operations of
UddChem on a family basis for nearly twenty years, Mr. Jan-Erik Uddegard, owner
and leader of the company, will now retire.

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