VARNAMO, Sweden, August 13, 2003 (PRIMEZONE) -- Finnveden's Fasteners business area receives major order from Continental Teves
Finnveden's Fasteners business area will deliver a safety component to Continental Teves' braking system. The total order value is approximately SEK 150 M. Deliveries over the contract period of five years will be made to Germany and the US beginning in the second quarter of 2004.
The Fasteners business area is already a supplier of fasteners to Continental Teves. This order further intensifies and broadens Fasteners' cooperation with Continental Teves and also strengthens its position as a supplier of fasteners to the international automotive industry.
"In the industry this is a very large order since it involves a single item. Continental Teves sets exceedingly high demands on quality from the suppliers of safety components," says Tommy Boork, President and CEO of Finnveden. "It was due to our extensive and broad experience in product development and production technology, particularly for cold-headed components, that we were selected as new supplier of the safety component. In addition, we can offer an expansive logistics system for international deliveries."
Finnveden AB (publ)
For further information, contact: Tommy Boork, President and CEO of Finnveden, +46 31 734 59 10.
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.
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