Framfab Divests Non-Core Companies
Framfab Divests Non-Core Companies Framfab sells its subsidiaries M.O.R., Dimac, and Framfab AS in Norway. The office at Sveavägen 17 in Stockholm has also been sold. These divestments are part of the action programme that has been communicated earlier. -M.O.R., Marknads- och Reklambyrån AB, an adverstising agency, today has 19 employees in Malmö. The company has been sold to employees. -Framfab's office at Sveavägen 17 in Stockholm (former Unusual Systems) with 65 employees has been sold to ECsoft Sweden. -Framfab AS in Norway (former MakeIT) with 41 employees has been sold to Skipper Invest AS, which is owned by employees of Framfab AS. The company will change its name to 4 elementer AS. -The software development company Dimac AB i Helsingborg, Sweden, with 34 employees has been sold to Dropside Technology Limited. In line with Framfab's action programme, all subsidiaries outside the core business - Internet professional services in the six main markets Germany, Sweden, Great Britain, the Netherlands, France and Denmark - will have been divested in October. Framfab will then have approximately 900 employees, approximately 350 of which in Sweden. This can be compared to October 2000, when Framfab had almost 3,000 employees in 13 countries within many different lines of business. "I am happy to see that the forceful action programme that shall restore our profitability is progressing according to plan. I am also happy to see that we have found good buyers for these companies that are all outside of Framfab's focus area, Internet professional services in our six main markets," said Johan Wall, the CEO of Framfab. The divestments of Framfab AS and M.O.R. are conditional for their validity upon the support of a general meeting. A majority of at least nine tenths of both the votes cast and also of the shares represented is needed as the decisions fall under the Swedish LEO act. Framfab will shortly send out a notice for an extraordinary general meeting. For more information please contact: Mattias Söderhielm, Acting Press Officer, phone +46 70 94 121 12, mattias.soderhielm@framfab.se Sven Skarendahl, Chairman of the Board, phone +46 8 545 258 00 Framfab is a global Internet professional services company, delivering digital services based on Internet technology. Framfab has offices in Denmark, France, Germany, the Netherlands, Sweden and the UK. Many large global groups work with Framfab, including 3M, AstraZeneca, AXA, Bosch, Electrolux, Orange, I K E A, le Groupe Pernod Ricard, Kellogg's, Packard Bell, Nike Europe, SAAB, BT Ignite, Volvo Car Corporation and Volvo Group. Framfab is listed on the Stockholm Exchange's Attract 40 list (ticker FTID). For more information, please visit www.framfab.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.bit.se/bitonline/2001/07/05/20010705BIT00020/bit0001.doc http://www.bit.se/bitonline/2001/07/05/20010705BIT00020/bit0001.pdf