Somero Enterprises Inc. (DI) (SOM) RNS Announcements

Somero Enterprises Inc (Somero) is a manufacturer and distributor of construction machinery and equipment company. It designs, produces, assembles, remanufactures, sells, and distributes concrete leveling, contouring, and placing equipment. The company's products are ride- on screed, lightweight screed, boom screed, stationary screeds material placement and software packages. It also provides Somero Sky Screed 25, Somero line dragon line-pulling and -placing system, STS-11M topping spreaders, SiteShape, a software package for real three-dimensional grade shaping, and factory certified remanufactured equipment. Somero also offers technical support and training. It has operations across North America, Latin America, India, Europe, the Middle East, Africa and Asia. Somero is headquartered in Fort Myers, Florida, the US.

It has been listed on the Alternative Investment Market (AIM) of the London Stock Exchange since 2006 under the ticker SOM.

The company pioneered the Laser Screed technology that enables efficient and precise concrete levelling. The wide range of products developed and sold by Somero allow this technology to be deployed in almost all construction settings, whether this be large scale projects such as warehouses or public infrastructure, small scale residential developments, or high rise buildings.

Many of the technologies the company has developed are protected by patents. They currently have 90 patents either in place or pending, and continue to invest in new product research and development.

The company’s global headquarters is in Fort Myers, Florida, and its main production facility is based in Houghton, Michigan. It also has regional sales and service offices in the UK, India, Australia, and China.

North America is the company’s largest market, making up 80% of sales in 2021. This is followed by Europe at 9.1%, Australia at 4.6%, China at 2.0%, and the rest of the world contributing a combined 4.4%.

Somero’s main customers are concrete contractors, which use its products in a wide-array of construction projects. This has included work for a plethora of the world’s largest organisations, such as: Costco, Wal-Mart, Home Depot, B&Q, IKEA, Coca-Cola, FedEx, and Tesla.