THE ACQUISITION OF GMS IS COMPLETED

The closing of the acquisition of GMS is done and the money is transferred tonight Norwegian time. Settlement of specified balance sheet accounts will be done per 31 December 2007 in accordance with an agreement between the parties. The transfer of the GMS employees will operationally take place 1 January 2008. Trond Stabekk CFO **** Kongsberg Automotive is headquartered in Kongsberg, Norway and has more than 50 facilities in 20 countries on all continents. Kongsberg Automotive, with revenues of about EUR1 billion and over 11,000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. For more information, visit www.kongsbergautomotive.com ****