AQ Group AB makes provisions of SEK 70 million for bankruptcy in subsidiary
Due to the bankruptcy application submitted by the subsidiary AQ Segerström & Svensson AB to Eskilstuna District Court today, August 20, 2018, the earnings for AQ Group AB (publ.) will be reduced with non-recurring costs in the third quarter of 2018.
Costs and impairment of a non-recurring nature due to the bankruptcy is estimated at SEK 70 million and will affect the third quarter of 2018. Costs for winding down AQ Welded Structures and AQ Thailand have been taken continuously during the year.
As previously communicated in the interim report for the second quarter, the group has continuously suffered losses in the area of sheet metal components to commercial vehicles in Sweden. The losses in AQ Segerström & Svensson AB have escalated and have burdened the earnings of the group with about SEK 30 million in the first half of 2018.
"During ten years we have done our best to rationalize the operations in AQ Segerström & Svensson. The employees in the company have done everything they can, but unfortunately we have not managed to reverse the losses, "says Claes Mellgren, CEO of AQ Group AB.
AQ Segerström & Svensson has a turnover of about SEK 250 million and about 180 employees .
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For further information, please contact:
Claes Mellgren, CEO, +46 70 592 83 38
AQ Group is required to make the information in this press release public in accordance with the EU Market Abuse Regulation. The information was released by CEO Claes Mellgren for publication at 15:00 hours CET on August 20, 2018.
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AQ in brief
AQ is a leading supplier to demanding industrial customers and is listed on Nasdaq Stockholm’s main market.
The Group consists mainly of operating companies each of which develop their special skills and in cooperation with other companies, provides cost effective solutions in close cooperation with the customer.
The Group headquarter is in Västerås, Sweden. AQ has, on December 31, 2017, in total about 5,500 employees in Sweden, Bulgaria, China, Estonia, Hungary, India, Italy, Lithuania, Mexico, Poland, Serbia and Thailand.
In 2017 AQ had net sales of SEK 4.0 billion and the group has since its start in 1994 shown profit every quarter.
AQ has the highest credit rating AAA according to Bisnode.