LJUNGAVERK,Sweden,Feb. 10,2025 -- Swedish-basedPermascand,owned by Altor,has merged with Magneto Special Anodes to form a global leader in catalytic coatings and electrodes for premium segment customers. Magneto Special Anodes,formerly a brand of global water solutions company Xylem Inc. (NYSE:XYL),has production facilities in the Netherlands and in China.

Permascand and Magneto Special Anodes have technological leadership in electrochemical catalytic coatings and electrodes. Today they serve complementary customer segments. The ambition is to continue to grow within existing segments,but also to deploy the strong technology expertise into new segments. One opportunity is green hydrogen,which will play a crucial role in the green transition of industry.

David Ekberg has been appointed as CEO of the new company,joining immediately. He is an experienced leader with previous roles in Stora Enso,Climeon and Ericsson.

"This combination marks the start of a new chapter for both Permascand and Magneto,and for me an excellent opportunity to come onboard as CEO. The two leading companies have the potential to play an even more important role in addressing crucial needs for the green transition. We have received incredible support from Altor in making this next phase come true. With their continued backing,we will leverage their long heritage of helping industrial companies scale",says David Ekberg,CEO of Permascand and Magneto Special Anodes.

"David Ekberg has an entrepreneurial mindset and extensive experience from working globally,driving growth and innovation. Under his leadership,we embark on a growth journey for the new company,aiming to serve existing and new customers with our leading products and solutions. I am very pleased to see him take on this new role," says Annica Bresky,Chair of the Board of directors of Permascand.

The transaction has been closed. The parties have agreed not to share further details regarding the transaction. In the short term both entities will continue to operate under their existing names.

Contact:

Helena Winje,

Helena.winje@lumoadvice.com,

+46-702 049485

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The following files are available for download:

https://mb.cision.com/Main/23566/4103021/3255485.pdf

Press release 250210_Permascand

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David Ekberg Permascand