Haldex Divestment of Garphyttan Wire Completed.* Haldex divestment of Garphyttan Wire to Suzuki Metal was completed today, on June 1, 2009
* The purchase price which on a cash and debt free basis is SEK SEK
In currencies, this is the abbreviation for the Swedish Krona.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 827 million, has been received
STOCKHOLM, Sweden -- Regulatory News:
On December 25, 2008, Haldex AB (STO:HLDX) announced an agreement with Suzuki Metal Industry Co., Ltd., a Japanese manufacturer of steel wire, to divest its division Garphyttan Wire. All closing conditions with respect to the divestment have been fulfilled and the closing of the transaction was completed today, effective as of June 1, 2009.
The purchase price which on a cash and debt free basis 1) is SEK 827 million , has been received as per today, June 1, 2009. The divestment decreases Haldex's proforma net debt to approximately SEK 1,8 billion as per March 31, 2009. The transaction is still estimated to result in a capital gain of approximately SEK 400 million.
"With the divestment of Garphyttan Wire, Haldex is focusing on segments where the Group can achieve intra-group synergies and sustainable market positions based on innovative and leading products, providing a foundation for long-term growth and good profitability", says Joakim Olsson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Haldex. "With the divestment Haldex has taken a further step to optimize the Group structure and thereby become more focused on technological leadership within niches for the global vehicle industry with strong growth potential." Customer demands and stricter regulations within areas such as safety, environment and vehicle dynamics Vehicle dynamics refers to the dynamics of vehicles, here assumed to be ground vehicles.
For two-wheeled vehicles see Bicycle and motorcycle dynamics. For the dynamics of air vehicles see Aerodynamics. , form the basis and driving forces for Haldex's strategy. Through an increased focus within these areas, Haldex meets and exceeds the demands for products with improved safety, as well as products with a focus on emission reduction and fuel efficiency that is a consequence of stricter regulations on the Group's main markets.
SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare
staphylococcal enterotoxin B Enskilda and Mannheimer Swartling have been advisors to Haldex in the transaction.
1) Subject to final closing balance sheet adjustment
Haldex (www.haldex.com), headquartered in Stockholm, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX OMX Office Max (stock symbol) Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863  it is the primary securities exchange of the Nordic Countries. and had net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of nearly 8.5 billion SEK in 2008. The number of employees amounts to about 5,000.
Haldex discloses the information in this press release according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Swedish Securities Market Act and/or the Swedish Financial Trading Act. The information was provided for public release on Monday, June 1, 2009.
A high resolution image from the signing ceremony will be published on the Haldex home page later today.
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