STOCKHOLM, Sweden, Jan. 28, 2002 (PRIMEZONE) -- Effective from January 1, 2002, Scania (NYSE:SCVA) (NYSE:SCVb) sold its 50% shareholding in Svenska Volkswagen AB to Volkswagen AG of Germany. Established in 1948, Svenska Volkswagen is the importer of Volkswagen, Audi, Seat and Skoda, as well as Porsche, cars in Sweden. Its market share 2001 was 18.7%.
The decision results from the disappearance of the historic synergies between car and truck manufacture -- cars are consumer products, while trucks are now investment products. The task of splitting the formerly common sales and service networks in Sweden, which was commenced a couple of years ago, is now largely complete.
The decision by the Scania board was subject to a 'financial fairness opinion' delivered by ABN-Amro Bank.
The purchase price is SEK 870 million. Estimated at approximately SEK 250 million, the profit from the sale will be reported in Scania's results for the first quarter of 2002.
Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 26,900 employees and production facilities in Europe and Latin America, Scania is one of the most profitable companies in its sector. Scania products are marketed in about 100 countries worldwide and some 95 percent of Scania's vehicles are sold outside Sweden.
Scania press releases are available on the Internet, www.scania.com
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