Industrivärden sells subsidiary Hydrauto
Industrivärden sells subsidiary Hydrauto Industrivärden has entered into an agreement regarding the sale of all its shares in the wholly owned subsidiary Hydrauto. Following the deal, the newly started company Hydrauto Holding AB will own 70 percent of the shares and the Swedish National Pension Insurance Fund (Sixth Fund Board) will own 30 per- cent. Hydrauto is one of Europe's leading manufacturers of customized (OEM) cylinders and valves for mobile hydraulics. Hydrauto has been part of Industrivärden's industrial operation, Inductus, since 1992, with sales of SEK 263 M in 1998. The company's manufacturing plant in Skellefteå employs approximately 240 persons. Hydrauto Holding AB is a newly started company based in Skellefteå for invest- ments in mobile hydraulics and is owned by Göran Schedin. The Swedish National Pension Insurance Fund (Sixth Fund Board) administers public pension funds and is active in asset management and investments. Its investment operation currently has shares in over 150 unlisted companies, and investments are made in companies in which it is believed that active owner- ship can contribute to value appreciation in growth companies as well as in companies in mature industries. As per June 30, 1999 the Fund had managed as- sets of approximately SEK 14 billion, of which SEK 2 billion was invested in unlisted companies. The investment in Hydrauto is managed by the Fund's re- gional office in Umeå, Sweden. Stockholm, Sweden, October 20, 1999 AB INDUSTRIVÄRDEN (publ.) For further information, please contact: Göran Schedin, owner and CEO Hydrauto Holdings, tel. +46-70-516 13 35 Lars Johansson, Investment Manager, Swedish National Pension Insurance Fund (Sixth Fund Board), tel. +46-70-564 70 55 Carl-Olof By, Executive Vice President and CFO, Industrivärden, tel. +46-8-666 64 00 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/20/19991020BIT00560/bit0001.doc http://www.bit.se/bitonline/1999/10/20/19991020BIT00560/bit0002.pdf