Korsnäs invests in reducing energy costs
(Thomson Reuters ONE) - Investment AB Kinnevik (publ) ("Kinnevik") announced today that theBoards of Directors of Kinnevik and Korsnäs AB, in cooperation withGävle Municipality, have decided to invest approximately SEK 1.8billion in a bioenergy plant at Korsnäs' industrial site in Gävle.Korsnäs intends to invest approximately SEK 320 million in shares anddebenture loans, corresponding to 50% of the jointly owned companyBomhus Energi AB. In addition to this investment, Korsnäs will bespending approximately SEK 145 million on energy investments in itsexisting plant for the delivery of waste heat to Gävle Energi AB.The objective of the investments is to, from 2013, secure delivery ofenvironmentally compatible electricity and steam to the Korsnäsplant, as well as district heating to Gävle Energi's customers. Theinvestments will enable a significant reduction in Korsnäs' oilconsumption, while increasing electricity production and the use ofwaste heat from Korsnäs' plant. As a result of the investments,Korsnäs Gävle will raise the proportion of internally producedelectricity from 38% till 45%. The investments will also lead to adecreased oil consumption of 21,000 m3 per annum. These investments,in combination with the ongoing construction of the evaporationplant, will decrease oil consumption from today's level of 44,000 m3to 4,000 m3 per annum. The total impact on the environment fromKorsnäs Gävle will decrease from 125,000 tonnes to 10,000 tonnes CO2per annum. The reduction corresponds to the total annual consumptionof more than 10,000 oil heated homes.The new bioenergy plant will be ready for operation during the autumn2012. The investments will impact cash flow during 2010-2012. Theinvestment decision is subject to the signing of the definitiveagreements by the parties and to Bomhus Energi AB securing thenecessary external financing.For further information, visit www.kinnevik.se or contact:Christer Simrén, CEO Korsnäs AB +46 (0)26 15 10 00Mikael Larsson, CFO Kinnevik +46 (0)8 562 000 00 +46 (0)70 762 00 70Investment AB Kinnevik's objective is to increase shareholder value,primarily through net asset value growth. Kinnevik manages aportfolio of investments focused around three comprehensive businessareas; Major Unlisted Holdings which includes the cartonboard andpaper company Korsnäs including shares in Bergvik Skog, Major ListedHoldings which includes Millicom International Cellular, Tele2,Modern Times Group MTG, Metro International and Transcom WorldWide,and New Ventures which is active in finding new investments in smalland mid sized companies which has a significant growth potential.Kinnevik plays an active role on the Boards of its holdings.The Kinnevik's class A and class B shares are listed on the NASDAQOMX Stockholm's list for large cap companies, within the financialand real estate sector. The ticker codes are KINV A and KINV B.http://hugin.info/1114/R/1360773/332176.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.12.2009 - 16:35 Uhr
Sprache: Deutsch
News-ID 9540
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