STOCKHOLM, Sweden, Nov. 21, 2002 (PRIMEZONE) -- Sapa (Other OTC:SPKKF) (Stockholm:SAPA):
Pressweld Ltd. specialises in the design and manufacture of high quality extruded aluminium components ranging from decorative trim to structural parts. The company had a turnover of 7.6 M pounds in 2001 and employs 115 people. The company is based in Gloucester, 2 hours west of London.
The engineering teams of Pressweld provide a unique engineering capability. Around 70% of Pressweld's sales are in the high-end automotive market, with the remainder split between the kitchen appliance, gaming machine and heating sectors. Typical applications include vehicle bright trim tread plates, grilles, airbag deployment doors and assemblies and panels and decorative frames.
The company is well managed and has grown considerably over the last years with satisfactory margins. The present management of Pressweld will remain in their positions.
"Sapa has a clear ambition to expand within high value-added aluminium profiles. This acquisition will give us presence in markets and product areas where we have not been present before, especially in the automotive industry. This will strengthen Sapa's position as one of Europe's leading suppliers of solutions based on aluminium profiles," said Staffan Bohman, President and CEO of Sapa.
Sapa is undertaking final negotiations with the present owner Vector Industries Ltd., whereby Sapa will acquire the aluminium component supplier Pressweld Ltd. in the U.K., subject to necessary approvals. It is the intention that Sapa will take over Pressweld by early December 2002.
For further information please contact:
Bo Askvik, CFO telephone +46-8-459 59 18 or +46-70-819 59 18 or Staffan Bohman, President and CEO telephone +46-8-459 59 11.
Sapa is an international industrial group focused on high value-added products based on the lightweight material aluminium. The products include profiles and heat-transfer strip in aluminium. Sapa has a turnover of approximately 12 billion SEK with 6,500 employees all over Europe and in USA and China. Sapa is one of Europe's leading companies within its field and the customers are found in the transport-, building-, engineering- and telecom industries. Sapa is listed on Stockholmsborsen.
Further information about Sapa can be found on our web site; www.sapagroup.com
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