Aalberts Industries N.V., an internationally operating industrial group quoted on the Euronext Exchange in Amsterdam, is taking over the Norway-based business Raufoss Water & Gas AS from the company Raufoss ASA, which is quoted on the Oslo Exchange.

Raufoss Water & Gas specialises in couplings for pipe connections in the water and gas distribution network under the brand name Isiflo. With a workforce of around 100, the company achieves turnover of approximately eur 20 million and is the European market leader in its market niche.

Raufoss Water & Gas has production facilities in Norway and its own sales organisations in Great Britain, France, Sweden and Germany. Besides Scandinavia, its key markets are France and Germany. The development programme includes products made from composite materials.

The takeover forms part of the Aalberts Industries strategy in the field of Flow Control products and supports the objective of expanding the leading position in Europe. Raufoss Water & Gas' product range fully complements the product portfolio of Aalberts Industries Flow Control.

The current Raufoss Water & Gas sales organisation in Scandinavia will be expanded and will be made responsible for the sale of all Aalberts Industries Flow Control products. This will happen over the next 18 months, in close collaboration with the Danish subsidiary Broen, which has long been part of Aalberts Industries Flow Control.

Raufoss Water & Gas will substantially strengthen its sales activities by making use of the existing Aalberts Industries European sales network. Synergy benefits will also be achieved in the field of purchasing and production over the coming months, and will contribute directly to growth in profits.

The current management will remain attached to the company.

Aalberts Industries will finance the takeover from internal funds. The results of Raufoss Water & Gas will be consolidated with effect from 1 January 2004 and will contribute directly to growth in earnings per share.

For more information on Raufoss Water & Gas, visit the website www.raufoss.com/isiflo