Net financial impacts from the Cardo deal and accelerated program for efficiency improvements
(Thomson Reuters ONE) -
The divestments of Cardo Flow Solutions and Lorentzen & Wettre will soon be
successfully finalized. The net gain on the sale is estimated to amount to SEK
430 M.
The acquisition and integration of Crawford (the part of Cardo which is being
consolidated into ASSA ABLOY) is performing better than expected and the company
shows both growth and good profitability. Positive is also that identified
synergies will exceed previous estimates. The cost for implementing the
efficiency programs will therefore be somewhat higher than previously
communicated and amount to approximately SEK 380 M.
In addition, a new analysis of the production structure in the rest of the ASSA
ABLOY-Group has been initiated and further potential for efficiency improvements
has been identified. The current uncertain economic outlook also makes it even
more important to accelerate the efficiency programs on the mature markets. The
cost for the implementation is estimated to SEK 950 M.
Initial estimates for the total Group show a need for closing or reshaping 17
production units and 2 administrative units. The total cost for the
implementation for both Crawford and the rest of the production structure is
thereby estimated to SEK 1 330 M.
All one off income and costs are planned to be charged in full to the income
statement during 2011. The net pre tax effect is expected to be SEK 900 M.
Further information can be obtained from:
Johan Molin, President and CEO, Tel: +46 8 506 485 42
Tomas Eliasson, Chief Financial Officer, Tel: +46 8 506 485 72
ASSA ABLOY discloses the information provided herein pursuant to the Securities
Markets Act and/or the Financial Instruments Trading Act. The information was
submitted for publication at 08.00 am CET on September 22.
Press release PDF :
http://hugin.info/1014/R/1548757/475959.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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#1548757]
Unternehmensinformation / Kurzprofil:
Datum: 22.09.2011 - 08:02 Uhr
Sprache: Deutsch
News-ID 68516
Anzahl Zeichen: 2597
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Net financial impacts from the Cardo deal and accelerated program for efficiency improvements"
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