Provision for restructuring within Orrefors Kosta Boda

The restructuring within Orrefors Kosta Boda, which were announced on 12 January 2009, has now, after completion of the negotiations with the unions, been completed and the final result is a staff reduction of 154 persons and the number of remaining employees is projected to amount to 343 persons. In order to optimize the impact of the restructuring, it has been decided to immediately reduce the production to the lower level and thus relieve the majority of the employees affected by the said staff reduction. This means in turn that the company will make a provision for restructuring in the form of a one-time cost of approximately TSEK 70,055 in the quarterly financial statements for the first quarter of 2009, thus will negatively affect the New Wave Group's results with that amount in the first quarter of 2009. In this context, the New Wave Group agreed with creditor that said one-time cost should be returned and excluded in the calculation of the financial commitments which New Wave Group is committed to meet and as stated in press release published 12 December 2008. When making the calculation of the financial commitments, which New Wave Group is committed to meet, shall instead the one-time cost be divided equally over the four quarters of 2009, in an amount of approximately TSEK 17,514 to each of the quarterly financial statements for the quarters 1 – 4 in 2009.

The actions are expected, along with other and earlier decided cost reduction actions and structural measures, result in cost reductions of approximately MSEK 130 annually. The cost reductions will be achieved gradually in the second half of 2009 and reach full power in 2010.

Gothenburg 26 March 2009

New Wave Group AB (publ)
Göran Härstedt

For more information, please contact:
Göran Härstedt, CEO, New Wave Group AB (publ) Tel: +46 (0)31 712 89 02
Torsten Jansson, Chairman of the Board of New Wave Group AB (publ) Tel: +46 31 712 89 01