VARNAMO, Sweden, April 1, 2004 (PRIMEZONE) -- Finnveden further strengthens its position as an international partner to the automotive industry with substantial assignments. The value of the assignments is extensive and contains both renewal and replacement of existing deliveries as well as entirely new undertakings. At full pace of deliveries, the assignments will provide the Group a sales gain of about SEK 500 M annually. The sales increases are expected to occur successively from 2005.
Finnveden's Fasteners business area has been selected to be responsible for development and delivery of fasteners to Ford, Volvo Cars and Land Rover. Development work starts immediately and deliveries will be made successively. The assignment will be carried out in cooperation with a number of European partners.
Finnveden's Powertrain business area has reached an agreement with two customers, including one in North America, covering delivery of valve actuation mechanisms to existing and planned diesel engines.
"These assignments are major successes for Finnveden and are evidence that our product development and production offering is top class. The North American order is highly important in a strategic perspective. Overall, this further strengthens our position as a partner to the international automotive industry," says Tommy Boork, President and CEO of Finnveden.
Finnveden AB (publ)
For further information, please call: Tommy Boork, CEO of Finnveden, +46 31 734 59 10.
Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and structural components. Finnveden is listed on Stockholmsborsen (Stockholm Exchange) and has annual sales of about SEK 4.6 billion, with 3,200 employees. Additional information is available on Finnveden's website: www.finnveden.com
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CONTACT: Finnveden AB
Tommy Boork
CEO
+46 31 734 59 10