FinnvedenBulten’s divestment of Finnveden Metal Structures completed
FinnvedenBulten AB (publ) has completed the divestment of its Finnveden Metal Structures (FMS) division to Shiloh Industries Inc. The purchase price for all the shares in FMS amounted to SEK 372 million and was paid in cash today on the closing date. The price corresponds to a purchase price of SEK 490 million on a debt-free basis.
In February 2014 FinnvedenBulten announced that it was evaluating a split of the Group with the aim of enhancing the business focus and establishing the value in each of the Group’s divisions. The Board and management team judged that a split would improve the future prospects of the divisions and create added value for shareholders over the long term. Efforts intensified during the spring, as reported by the Board in the Q1 interim report, and the sale of Finnveden Metal Structures to Shiloh Industries Inc. was announced at the end of May. The transaction was concluded today when the terms of the transaction were met.
In the Q2 interim report that will be published on July 11, 2014, the Finnveden Metal Structures division, including consolidated capital gains from the divestment, will be reported as "Discontinued operations" separate from continuing operations in accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations”.
For further information, please contact:
Roger Holtback, Chairman of the Board, FinnvedenBulten AB
Tel: 031-734 59 00, e-post: media@finnvedenbulten.com
NB: The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act (Sw. lag om värdepappersmarknaden). The information was submitted for publication on June 30, 2014, at 11:45 CET.
Shiloh Industries. Headquartered in Valley City, Ohio, Shiloh Industries is a leading supplier, providing lightweighting and NVH solutions to automotive, commercial vehicle and other industrial markets. Shiloh produces lightweight products for body-in-white, exhaust, powertrain, structural and seating needs of OEM and Tier 1 customers. The company has (14) locations across North America, and has approximately 2,000 employees. Shiloh’s sales for the fiscal year 2013 were USD 700 million. The company is listed on Nasdaq Global Market.
FinnvedenBulten is listed on NASDAQ OMX Stockholm. After the sales of its Finnveden Metal Structures division, FinnvedenBulten is focused fully on fasteners and intends to change name to Bulten. Bulten is one of the largest suppliers of fasteners to the European automotive industry. The product range spans from customer-specific standard products to customized special fasteners and includes technological development, line feeding, logistics, materials and production know how. Bulten offers a Full Service Provider concept or parts thereof. Further information can be found at www.bulten.com and www.finnvedenbulten.com.
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