STOCKHOLM, Sweden, Nov. 28, 2002 (PRIMEZONE) -- The acquisition by Sapa of the aluminium component supplier Pressweld Ltd. in UK was completed on 27 November 2002. The purchase price amounts to MGBP 5.9 (approx. MSEK 84). Pressweld will be consolidated from 27 November 2002.
"Pressweld will strengthen our activities within automotive and have a positive effect on results already from day one," says Staffan Bohman, President and CEO of Sapa.
Pressweld specialises in the design and manufacture of high quality extruded aluminium components ranging from decorative trim to structural parts. The company had a turnover of MGBP 7.6 in 2001 and employs 115 people. The company is based in Gloucester, 2 hours west of London.
The engineering teams of Pressweld provide a unique engineering capability. Around 70% of Pressweld's sales are in the high-end automotive market, with the remainder split between the kitchen appliance, gaming machine and heating sectors. Typical applications include vehicle bright trim tread plates, grilles, airbag deployment doors and assemblies and panels and decorative frames.
The company is well managed and has grown considerably over the last years with satisfactory margins. The present management of Pressweld will remain in their positions.
For further information please contact Bo Askvik, CFO, +46-70-819 59 18.
Sapa is an international industrial group, which develops and markets value-added aluminium profiles, profile-based components and systems, and heat exchanger strip in aluminium. Sapa has an annual turnover of approximately 12 billion SEK, with 6,500 employees all over Europe and in USA and China. Sapa is one of Europe's leading companies within its field and the customers are found in the transport, building, engineering and telecom industries. Sapa is listed on the A-list of Stockholmsborsen.
Further information about Sapa can be found on our web site www.sapagroup.com
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/11/28/20021128BIT00130/wkr0001.doc
http://www.waymaker.net/bitonline/2002/11/28/20021128BIT00130/wkr0002.pdf