ASSA ABLOY sells Lorentzen & Wettre to ABB
(Thomson Reuters ONE) -
ASSA ABLOY has signed an agreement with ABB to sell Lorentzen & Wettre, part of
the former Cardo group. The selling price is SEK 750 M on a cash and debt free
basis.
Lorentzen & Wettre manufactures and sells process equipment for the pulp and
paper industry, had a turnover of SEK 307 M in 2010 and 188 employees.
"I find it very satisfying that Lorentzen & Wettre in ABB gets a long term owner
that gives the company an industrial home and creates opportunities for a
continued good development" said Johan Molin, President and CEO of ASSA ABLOY.
The transaction is expected to close during the second half of 2011 and is
subject to regulatory approvals.
Summary of the Cardo transaction:
ASSA ABLOY announced a public offer for the Cardo Group on December 13, 2010,
for a total price of SEK 11,340 M. At the announcement of the public offer ASSA
ABLOY communicated its intention to consolidate Cardo Entrance Solutions in ASSA
ABLOY's division Entrance Systems and to sell the other businesses, i.e. Cardo
Flow Solutions and Lorentzen & Wettre, that do not long term fit ASSA ABLOY's
operations.
The acquisition of Cardo closed in March 2011 and Cardo Entrance Solutions was
consolidated in ASSA ABLOY from March 18, 2011.
On April 7, 2011, it was announced that ASSA ABLOY had signed a deal with Sulzer
Ltd. to sell Cardo Flow Solutions for SEK 5,900 M on a cash and debt free basis
and today it is announced that ASSA ABLOY has signed a deal with ABB to sell
Lorentzen & Wettre for SEK 750 M on a cash and debt free basis.
In both transactions ASSA ABLOY is advised by SEB Enskilda as financial adviser
and Linklaters Advokatbyrå AB as legal adviser.
For more information, please contact:
Johan Molin, President and CEO, tel no: +46 8 506 485 42
Tomas Eliasson, CFO and Executive Vice President, tel no: +46 8 506 485 72
Press release PDF:
http://hugin.info/1014/R/1528038/463725.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ASSA ABLOY via Thomson Reuters ONE
[HUG#1528038]
Unternehmensinformation / Kurzprofil:
Datum: 04.07.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 56085
Anzahl Zeichen: 2708
contact information:
Town:
Stockholm
Kategorie:
Business News
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