Following the official procedure, Lumibird, through its new subsidiary Lumibird Photonics Sweden, acquired the business from Saab. The business earned nearly €10m in revenue in 2021.
The agreement was first signed in March 2021. All the conditions attached to the deal, including obtaining required approvals from regulatory authorities, have been fulfilled.
Under the agreement, 27 Saab employees in Gothenburg are expected to shift to Lumibird Photonics Sweden.
Lumibird is present in Europe, America, and Asia. It employs over 940 people and recorded more than €162m of consolidated revenues last year.
The purchase of the laser rangefinder business, a component supplier for Saab for more than 15 years, is in line with Lumibird’s 2021 to 2023 strategy, according to the company.
Post-acquisition, Lumibird is expected to expand its product line in the European market with a wider choice of rangefinders and lasers.
Saab Business Area Surveillance head Carl-Johan Bergholm said: “The divestment is yet another stage in the increased focus on our core business and we are convinced that the laser business makes a good strategic fit within the Lumibird Group.”
Headquartered in Sweden, Saab designs advanced systems across sectors including aeronautics, weapons, underwater, command, and control.
In January this year, Saab signed a framework contract to deliver the Carl-Gustaf M4 recoilless weapon and ammunition to the Lithuanian Ministry of Defence.
The first order under the agreement is valued at $16.5m.