STOCKHOLM, Sweden, May 23, 2002 (PRIMEZONE) -- Industrivarden has acquired 50,000,000 shares, corresponding to 15% of the shares outstanding, in Ossur, a leading prosthetic manufacturer. The purchase price was SEK 260 M, or SEK 5.20 per share.
Industrivarden's strategy is to invest in large and medium-sized listed Nordic companies with good potential for value growth. Value-added is created through active ownership and a professional investment operation.
Through the investment in prosthetics manufacturer Ossur, Industrivarden gains a significant position in a company with good profitability and high growth in a fragmented market. The company has a leading position in its niche. "Through professional entrepreneurship and a high level of technical expertise, Ossur has successfully carved out a strong position for itself in the development and production of prosthetic products," commented Anders Nyren, President and CEO of Industrivarden. "The company has great opportunities and is a good investment in an exciting business."
Ossur is an international manufacturer of prosthetic devices and a leading innovator in the prosthetics market. Its head offices are in Iceland, with subsidiaries in the U.S., the Netherlands and Sweden.
Ossur reported sales of USD 69 M in 2001, with net earnings of USD 8.6 M. Slightly more than half of sales are derived from the U.S. market. The company allocates roughly 6%-8% of sales to R&D, and its products are protected by vast number of patents around the world. Ossur is listed on the Icelandic Stock Exchange (www.ossur.com).
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