LSAB grows in Russia

LSAB Instrument Service has today acquired Fanwick in Russia.

The company has a grinding station in St. Petersburg where the main focus is sharpening for the woodworking industry. We merge our existing business in St. Petersburg with Fanwick. Our new business will have 55 employees and annual sales of approx. 120 mln (about 22 million).

Andrey Shkolyarenko will continue to lead the LSAB Russia. Former owners, Sergey Budnik, becomes COO and Vadim Navrazhnykh becoming CFO.

- The deal gives us a great opportunity to grow further in the Russian market, says Per Vikström, CEO, LSAB Group