MALMO, Sweden, April 18, 2002 (PRIMEZONE) -- Cardo has entered into a Preliminary Agreement with Vestar Capital Partners according to which Vestar shall acquire the business area, Cardo Rail, from Cardo. The intention of the Parties is to enter into a definitive sale and purchase agreement as soon as contract negotiations and the due diligence have been completed.
Vestar is a leading private equity firm. Founded in 1988, Vestar has offices in Paris, Milan, New York, and Denver, and currently manages approximately U.S. $4 billion of capital. The firm has substantial investment experience across a wide range of industries and a long history of investment in the railway supply sector.
Cardo Rail, which is one of the world's largest manufacturers of brake systems and brake components for rail vehicles, has a turnover of approximately SEK 2.7 billion and has approximately 2,000 employees.
Additional information is expected to be available in the end of May/beginning of June 2002.
Cardo is an international engineering group with a turnover of SEK 10.8 billion in 2001. Cardo holds a strong position in the markets for doors, pumps and rail-vehicle brake systems. Cardo has subsidiaries in about 30 countries with the focal point resting in western Europe, and roughly 8,000 employees
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