STOCKHOLM, Sweden, April 29, 2002 (PRIMEZONE) -- Industrivarden divested it's holding in the wholly owned door automation company Besam to the ASSA ABLOY lock group. The sales price was approximately SEK 3.1 billion, generating a capital gain of approximately SEK 2.3 billion.
Besam has been a wholly owned subsidiary of Industrivarden since 1992. During the past ten-year period Industrivarden has helped develop Besam from a local supplier into a global player in automatic door systems. Today Besam is the only door automation company that is active in all major markets in the Western world.
Under Industrivarden's ownership, sales have grown from SEK 935 M to slightly more than SEK 2 billion today. Operating earnings in 2001 were slightly more than SEK 200 M, corresponding to a return on capital employed of 32%.
Commenting on the deal, Industrivarden's CEO, Anders Nyren said: "As a long-term active owner of Besam we focused on matters such as profitability, technology content and geographic expansion. We are pleased with our contribution and are now realizing the value that we have created at the same time Besam can continue to develop with such a strong owner as ASSA ABLOY."
The sale is contingent upon approval from the competition authorities and is estimated to have been executed at half-year 2002.
Stockholm, Sweden, April 29, 2002
AB INDUSTRIVARDEN (publ)
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