BE Group sells operation in China
BE Group has signed an agreement with Ovako on the transfer of its Chinese subsidiary, BE Group (Shanghai) Steel Trading.
The President and CEO of BE Group, Kimmo Väkiparta, comments:
“We have taken a strategic decision not to continue to be active in China and we are therefore pleased to have reached an agreement with Ovako on our existing operation.”
The transfer is expected to be completed before the end of June. The purchase price will be determined by a closing balance sheet and is estimated at approximately SEK 10 M. The majority of the purchase price will be paid at closing. The estimated purchase price will result in a small capital gain and will only have a marginal impact on BE Group's financial statements.
For further information, please contact:
Kimmo Väkiparta, President and CEO
tel.: +46 (0)705 972 342 e-mail: email@example.com
Torbjörn Clementz, CFO and Executive Vice President
tel.: +46 (0)708 690 788 e-mail: firstname.lastname@example.org
BE Group, listed on the NASDAQ OMX Stockholm exchange, is a trading and service company in steel and other metals. BE Group provides various forms of service for steel, stainless steel and aluminum applications to customers primarily in the construction and engineering sectors. In 2012, the Group reported sales of SEK 4.6 Bn. BE Group has slightly less than 900 employees in nine countries, with Sweden and Finland as its largest markets. The head office is located in Malmö, Sweden. Read more about BE Group at www.begroup.com.