Framfab's French subsidiary files for judicial reorganization

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Framfab's French subsidiary files for judicial reorganization As announced previously, the persistence of a sluggish market throughout 2002 has exacted a heavy toll on Framfab France's operating earnings. While taking action since May to reduce costs, the company has worked hard to restructure. Restructuring has not proven to be sufficiently successful. As a result, Framfab France has filed for judicial reorganization as of November 29. Anders Ekman, CEO of Framfab AB, says, "This decision represents a necessary step on the path to profitable operations and a positive cash flow. The reconstruction approach was chosen in such a way as to affect Framfab's clients and employees in France as little as possible." The French subsidiary will retain its employees, management and board of directors. Along with a reconstructor appointed by the French authorities, they will run the company during the reorganization period. For more information please contact: Anders Ekman, CEO, Framfab AB +46 8 41 00 10 00, Christian Luiga, CFO, Framfab AB +46 8 41 00 10 00, Tobias Bülow, Group Communications Manager, Framfab AB +46 709 41 22 58, Framfab is a leading provider of consulting services and business solutions based on Internet technology. Most of Framfab's customers are big international companies, including 3M, AXA, the Coca-Cola Company, Danske Bank, Electrolux, Ericsson, Hydro Texaco, IKEA, Kellogg's, Maersk Sealand, NEC Packard-Bell, Nike, Observer, Postbank, Quelle Versicherungen, SAAB, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, France, Germany, the Netherlands and Sweden. The company is quoted on the O list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: