Gunnebo sharpens focus, agreement signed to sell Gnosjö-Gruppen to Schuttersveld

Gunnebo sharpens focus, agreement signed to sell Gnosjö-Gruppen to Schuttersveld Gunnebo is continuing to increase its focus on safety and security and an agreement has been signed today to sell Gnosjö-Gruppen AB to Schuttersveld N.V., a Dutch engineering company. Schuttersveld is a manufacturing company with a listing on the Amsterdam Stock Exchange. Its head office is located in Zeist. The company is a leading supplier to the European automotive industry. The divestment will take place in two stages. A 50 per cent interest in Gnosjö-Gruppen will be sold by February 2000 at the latest, and the remaining 50 per cent will be sold one year later. As a result of this divestment, Gunnebo will make an estimated capital gain of MSEK 225 and reduce its net debt by some MSEK 800. The transaction requires the approval of the Competition Authority, which is expected to be obtained by no later than the beginning of February 2000. The change of ownership will create new business opportunities for both Gnosjö-Gruppen and Schuttersveld. The merger will create a stronger group and generate synergies for further expansion and development. Gnosjö- Gruppen's export potential will improve, as Schuttersveld is already a leading supplier to the European automotive industry. After the divestment, Gunnebo will have an annual turnover of some MSEK 4,900 (Euro 580 million), of which security products will account for almost 80 per cent. Sales outside Sweden represents some 90 per cent of total turnover. "We are very pleased that we have finalised the deal with Schuttersveld. In structural terms, it will sharpen Gunnebo's focus as a security and safety company, and we will be able to concentrate more on these areas of activity. The sale will also generate substantial financial resources for further expansion within this business area," comment Bjarne Holmqvist, Gunnebo's President and CEO. Alfred Berg has participated as Gunnebo's financial advisor in connection to the divestment. Göteborg, December 27, 1999 GUNNEBO AB Information For further information please contact: Bjarne Holmqvist, President and CEO, tel. +46-31-83 68 00 alt. + 46 708-40 03 70 or Lennart Gustavsson, Senior vice president, Finance, tel. +46-31- 83 68 00 alt. +46 705-93 40 80 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/27/19991227BIT00290/bit0001.doc http://www.bit.se/bitonline/1999/12/27/19991227BIT00290/bit0002.pdf