STOCKHOLM, Sweden, May 24, 2002 (PRIMEZONE) -- Air filter manufacturer Camfil Farr sold its U.S. Engine division yesterday to the American company Parker Hannifin for just under SEK140m. The Engine division, which manufactures filters for trucks and other diesel-driven vehicles, was not a part of Camfil Farr's core business.
Alan O'Connell, CEO of Camfil Farr commented: "This sale means that we are streamlining our operations and can focus resources on our core business."
When the Trosa-based family company Camfil together with Ratos acquired its Nasdaq-listed competitor Farr in 2000, the Engine division was included in the deal. In 2001 the Engine division had annual sales of approximately USD 15m and weak positive earnings.
The purchase price amounts to approximately USD 14m. Payment will mainly take the form of shares in Parker Hannifin. This deal will have negligible effect on the Camfil Group's earnings. The Engine division's result in 2001 was slightly positive.
In 2001 the Camfil Farr Group's sales amounted to SEK 3,240m with EBITA of just over SEK 230m. Ratos owns 30% in Camfil Farr. The holding has a consolidated book value in Ratos of SEK 461m.
For additional information, please contact: Mats Lonnqvist, Senior Investment Manager, +46 8 700 17 00 Clara Bolinder-Lundberg, Information and IR, +46 8 700 17 63 Financial calendar 2002: Six-month report 26 August Nine-month report 13 November
Ratos is a listed private equity company. The business concept is to maximise shareholder value over time by investing in, developing and divesting primarily unlisted companies. Ratos thus offers stock market players a unique investment opportunity. The net asset value of Ratos's investments is approximately SEK 9 billion. Ratos's holdings include Arcorus, Atle Industri, Camfil, Capona, Dahl, DataVis, DIAB, Dynal Biotech, Esselte, Exceed, Gadelius, Haendig, Haglofs, Hilding Anders, HL Display, Industri Kapital, Intervect, Kronans Droghandel, Lindab, Martinsson, Q-Labs, Superfos, Telia Overseas and Yarrow.
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