VARNAMO, Sweden, Aug. 13, 2003 (PRIMEZONE) -- In line with the strategy to streamline the Group, Finnveden is selling its shares in LPI Precision and LPI Engineering. The implemented transactions yield a positive cash flow and reduce net debt by about SEK 40 M.
The buyer is Mastec AB, which assumes ownership as of August 18, 2003.
"It is good for LPI-bolagen that the ownership issue is now solved. For Finnveden, the divestment yields a positive cash flow and streamlining in accordance with our strategy," said Tommy Boork, President and CEO of Finnveden.
The divested companies are located in Lidkoping, Sweden, and have annual sales of about SEK 180 M, with some 160 employees.
For further information, contact: Tommy Boork, President and CEO of Finnveden, +46 31 734 59 10. Mats Carlsson, Mastec AB, +46 36 38 97 51.
Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and sheet-metal components. Finnveden is listed on Stockholmsborsen (Stockholm Exchange) and has annual sales of about SEK 4.5 billion, with 3,500 employees. Additional information is available on Finnveden's website: www.finnveden.se.
The Mastec Group is a privately owned industrial group within chip- forming metalworking, surface treatment of aluminum and extrusion of plastic. The company group is in a build-up phase and including the acquired companies has annual sales of about SEK 330 M. Additional information is available on Mastec's website: www.mastec.se.
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