VARNAMO, Sweden, Aug. 9, 2004 (PRIMEZONE) -- Finnveden's successes in the automotive industry continue. Several new contracts have been signed and combined with orders received earlier this year sales are projected within a three-year period to rise by SEK 1 billion. The sales increases will occur successively as of 2005.
During the second and the beginning of the third quarter, the Fasteners and Metal Structures business areas have reached agreements with existing and new customers. Among other orders, Fasteners will be delivering fasteners to a new generation of engines for passenger cars. Metal Structures will be delivering complex assembled products in lightweight materials to several car models.
The growth will result in investments of about SEK 300 M in the years immediately ahead.
"It is pleasing to see that our focus on technical development and cost efficiency is yielding results. It is particularly gratifying to note that the focus on material development and more complex products within Metal Structures is developing positively," says Tommy Boork, President and CEO of Finnveden.
Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and structural components. Finnveden is listed on Stockholmsborsen (Stockholm Exchange) and has annual sales of about SEK 4.6 billion, with 3,200 employees. Additional information is available on Finnveden's website: www.finnveden.com
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