Incap Corporation signed today an agreement concerning the sale of the shares of its furniture-manufacturing subsidiary Incap Furniture Ltd in accordance with the letter of intent signed on 3 Jan. 2002. The purchase price is EUR 5.55 million. The transaction has come into effect upon the signature of the agreement.
The buyer is Finnish Furniture Holding Oy, which is owned by the operative management of Incap Furniture Ltd, Finnish Industry Investment Ltd, JMC Finance Oy, Teknoventure Oy and Jokilaaksojen Rahasto I Ky. Sauli Huikuri will continue as president.
This transaction is in line with Incap Corporation's strategy to concentrate on the electronics sector.
Espoo, 1 March 2002
INCAP CORPORATION
Board of directors
Kari Saarinen
President and CEO