Concentric initiates first phase of acquisition of own shares

In accordance with the press release on 26 July 2023 regarding the board of directors’ resolution to acquire own shares, the acquisitions are initiated today. Concentric AB (“Concentric” or the “Company”) will in a first phase, up to and including 31 October 2023, acquire own shares of not more than SEK 50,000,000.

Concentric has on 26 July 2023 announced that the board of directors, based on the authorization from the annual general meeting on 18 April 2023, resolved to acquire own shares of not more than SEK 150,000,000 on Nasdaq Stockholm until 31 March 2024. Today, the first phase of the Company’s acquisitions of own shares begins. Concentric will from today up to and including 31 October 2023 acquire own shares of not more than SEK 50,000,000.

All repurchases will be carried out on Nasdaq Stockholm by Skandinaviska Enskilda Banken AB (“SEB”) on behalf of Concentric. SEB will make its trading decisions regarding the shares independently and without influence from Concentric, and otherwise in accordance with the Nasdaq Issuer Rules – Nordic Main Market Rulebook for Issuers of Shares (Supplement D), Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (“MAR”) and Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”).

For other information about the acquisitions, refer to the press release of 26 July 2023 regarding the board of directors’ resolution to acquire own shares.

For further information, please contact Marcus Whitehouse, Tel: +44 121 445 6545 or E-mail: info@concentricab.com

Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s construction equipment, truck, agricultural machinery and industrial applications end-markets. The company has a global manufacturing presence including in the USA, Germany, UK, Sweden, India and China. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers. Concentric offers engine products including lubricant, coolant and fuel pumps and hydraulic products encompassing gear pumps and power packs. Concentric also offers a range of products developed for the fast-growing electric and hybrid powertrain market including, electric water and oil pumps, electric fans, thermal management systems and electro hydraulic steering. In 2022, the Group had a turnover of MSEK 4,056 and circa 1,207 employees.