STOCKHOLM, Sweden, July 1, 2002 (PRIMEZONE) -- Viking Sewing Machines, the leading manufacturer of domestic sewing machines and software and accessories for sewing and embroidery, is changing its name to the VSM Group.
"There are several reasons for the change, of which the most important is that it means we will have a neutral company name that does not favour either of our two strong brands - Husqvarna Viking and Pfaff," said Svante Runnquist, MD of the VSM Group that has 1 750 employees worldwide, including 500 in Sweden.
At the same time, the new VSM Group name will be complemented by the tag Line "Changing World of Sewing" that indicates which areas the company is actively involved in.
"It also sends out a signal that we intend to continue to play a leading role in the ongoing restructuring of the sewing sector," Svante Runnquist added.
As before, the VSM Group's marketing resources will be concentrated on the company's two brands - Husqvarna Viking and Pfaff, not on the new company name.
In parallel with the change of name, preparatory work ahead of seeking a stock exchange listing has been initiated.
"The uncertainty surrounding stock markets around the world makes it difficult to predict a suitable time, but after the successes we have achieved in recent years, we feel that a listing would aid the company's continued growth," said Svante Runnquist.
VSM Group develops, produces, markets and sells home sewing machines and accessories which provide consumers worldwide with the potential to experience the joy of creative sewing. With brands such as Husqvarna Viking and Pfaff, the company is one of the world's leading players in the industry. It sells some 500,000 sewing machines annually, corresponding to a turnover of just over SEK 2.5 billion. The Group has around 1,750 employees, of whom 500 are in Sweden. The company is certified in accordance with the international quality and environmental management systems ISO 9001 and ISO 14001. Read more at www.husqvarnaviking.com
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