Algol Pharma expands in Scandinavia

Algol Pharma Oy, which is specialized in the import and wholesale of products
for the healthcarwe sector, has started up the operations of its two
subsidiaries in Sweden and Norway and acquired a one-third shareholding in
Danish diagnostics company Kivex A/S. Algol Pharma´s expansion in Scandinavia
means that its market area now covers all Northern Europe, including Finland
and the Baltic countries.

Algol Pharma´s Managing Director Heikki Haapoja sees a lot of growth potential
in the Nordic markets. According to Haapoja, the regional expansion will also
create positive synergies, especially in terms of logistics, marketing and the
exchange of specialized knowhow in the field.

The Swedish subsidiary Algol Pharma AB has begun operations with five personnel
based in Stockholm and the Norwegian subsidiary Algol Pharma AS with four
personnel based in Oslo. Boith companies are wholly-owned subsidiaries of Algol
Pharma and are focusing on sales of pharmaceuticals and dianostics products in
their local markets.Swedish operations are co-ordinated by Business Manager
Anna-Karin Svensson and Norwegian operations by Business Manager Per-Kristian
Troppen.

The new Danish affiliate company Kivex A/S has specialized in the import and
wholesale of diagnostics products since 1983. The company´s main products
include cardiology equipment, intensive care equipment and so-called
medium-to-large-size diagnostic equipment and small accessories. The company
has annual turnover of approximately 6 million euros, and it employs 28
personnel. The company´s founder and former majority shareholder Kjeld
Lauridsen continues as Chairman of the Board, and Nikolai Happe Qvotrup has
been appointed Managing Director.

Algol Pharma has specialized in the import and marketing of healthcare sector
products since the 1930s, when Algol was granted rights to trade in
pharmaceuticals in Finland.

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