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Kardex AG has signed an asset purchase agreement to acquire the activities aligned to Kardex and Stow products of Scandinavian distributor Element Storage Systems AS. Element Storage Systems AS based in Kløfta near Oslo achieved sales of approximately EUR 11 million with Kardex and Stow products in the 2008 financial year and has a workforce in this field of activity of around 20 people. The transaction will be completed on May 6, 2009 subject to the approval of the Norwegian competition authority. The purchase price will not be disclosed.
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