UPPLANDS VASBY, Sweden, June 24, 2004 (PRIMEZONE) -- KMT is acquiring ABB's 51 per cent shareholding in ABB KMT Waterjet Systems AB. With the acquisition, KMT's offering in the product area waterjet cutting technology is being enhanced and expanded.
The total purchase price for 100 per cent of the company amounts to SEK 121M. Operations will be consolidated within KMT as of July 1, 2004.
"With the acquisition of Waterjet in the autumn of 2003, KMT gained a 49 per cent share of ABB KMT Waterjet. This is a well-managed business that is in line with our strategic focus, and we are now taking the final step," says Lars Bergstrom, president and CEO of KMT.
The acquired company is profitable, debt-free and has liquid assets of about SEK 30M. Sales amounted to SEK 164M in 2003, with a pre-tax profit of SEK 14M. The company's name will be changed to KMT Cutting Systems AB. In addition to robotic systems for waterjet cutting, customers within the plastics industry will be offered robotic milling systems, as well as laser cutting systems in the future.
"With these measures, the company will have a clear owner that can develop the business further," says Pontus Westrup, operations manager for Automotive & Manufacturing Industries within ABB. "ABB will be an important partner and continue to supply industrial robots to KMT."
The company's operations, which are based in Ronneby, Sweden, employ some 60 persons and are focused on robotic applications in waterjet cutting, primarily in the automotive industry. The company, which has a market-leading position in Europe, has delivered some 400 systems throughout the world since the start in 1991 and also offers a total service concept. Major customers include Collins & Aikman, Johnson Controls, Lear and Pelzer.
For further information, please contact: Lars Bergstrom, President and CEO, Karolin Machine Tool AB Tel: +46-8-594 211 50 or via e-mail: lars.bergstrom@kmt.se
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