Gunnebo Industrier divests the 3A Byggdelen AB subsidiary
7/4/2008 3:00 AM EST
Gunnebo Industrier divests the wholly owned 3A Byggdelen subsidiary to a company that is owned by three employees of the subsidiary. The purchase price of SEK 3 million is paid in cash.
3A Byggdelen, which was part of the acquisition of Christiania Spigerverk A/S in Norway in 2007, sells equipment and hand tools to builders in the Stockholm area. Because the business is relatively small and competes with some of Gunnebo Industrier's customers, management and the Board believe that divestment of the Subsidiary is strategically correct. With five employees, the Subsidiary reported sales of SEK 15.6 million in 2007.