KORSNÄS PACKAGING SELLS CONVERTING PLANT IN USA
KORSNÄS PACKAGING SELLS CONVERTING PLANT IN USA Industriförvaltnings AB Kinnevik today announced that its subsidiary, Korsnäs Packaging, has agreed to sell its industrial sack converting plant in the USA to the Austria based global packaging company, Frantschach Group. The sale follows Korsnäs Packagings' strategy to focus on its core European business. Korsnäs Packaging's US operation has made significant progress during the last 3 years in both sales and volume. Korsnäs Packaging will receive USD 5.5 million from the deal, which is in line with book value and the transaction will not result in a capital gain or loss. The transaction will, together with the ongoing consolidation of the Korsnäs Packaging plants in Europe, have a positive earnings impact in 2004. For further information, please contact: Vigo Carlund, CEO & President, Kinnevik tel: +46 8 5620 0000 Peter Buckley, CEO, Korsnäs Packaging AB tel: +33 1 55479560 Henrik Persson, Investor & Press Relations tel: +44 7747 822 406 Industriförvaltnings AB Kinnevik was established in 1936 as an investment holding company. The Company's objective is to increase shareholder value, primarily through net asset value growth. The business consists of operating companies such as farming company MSLA and paper and pulp producer Korsnäs AB, and a portfolio of long-term investments in a select number of listed companies such as Tele2 AB, Modern Times Group MTG AB, Millicom International Cellular S.A., Metro International S.A., Transcom WorldWide S.A. and Invik & Co. AB. Kinnevik plays an active role on the Boards of its subsidiaries and associated companies. Kinnevik's 'A' and 'B' shares are traded on the Stockholmsbörsen 'A- list'. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/11/24/20031124BIT00430/wkr0001.doc http://www.waymaker.net/bitonline/2003/11/24/20031124BIT00430/wkr0002.pdf