FAGERSTA, Sweden, Sept. 01, 2003 (PRIMEZONE) -- Seco Tools has signed an agreement to acquire the Brazilian tool manufacturer Genos which is one of the leading Brazilian producers of special tools for the automotive industry.
The acquisition strengthens Seco Tools' position on the Brazilian market. Brazil is a large and growing economy, with a significant automotive industry, and is also one of Seco Tools' ten largest markets.
As a result of the acquisition, Seco Tools' growth possibilities on the Brazilian market are further enhanced through being able to offer complete tool solutions tailored to the customer's specific needs and through the addition of complementary sales channels.
Genos has annual sales of about SEK 20 M.
The acquisition is expected to be completed during 2003 and is conditional on the approval of the respective authorities.
Fagersta, Sweden, September 1, 2003
SECO TOOLS AB; (publ)
Previously published information is available under "Investor Relations" at the Seco Tools' website (www.secotools.com). Seco Tools AB's corporate registration number is 556071-1060 and the address is Seco Tools AB, SE-737 82 Fagersta, Sweden. The telephone number for the Group's head office is +46 223-400 00.
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