SAAB: Kockums Industrier Divests Manufacture of Wind Power Pylons to Enercon of Germany.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Dec. 14, 2000 An agreement has been signed today between Saab's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Kockums Industrier (KIAB KIAB Karolinska Innovations AB (Stockholm, Sweden) ) in Malmo and the German wind energy group Enercon, by which Enercon will take over KIAB's manufacture of wind power pylons. The divestment divestment to strip one's investment from an entity. will affect about half of KIAB's 215 employees and is a step in the structuring of Saab's operations after the acquisition of Celsius. The sale will not affect the income of the Saab Group and will have only a marginal effect on the balance sheet and cash flow. Manufacture of wind power pylons generates almost SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: 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. 100 million each year. "Enercon's purchase is an acknowledgement that they have appreciated the quality of the 140 pylons we have delivered so far and shows that they intend to continue with the base we have built up in Malmo, which means excellent prospects for the future," says Thomas Abrahamsson, President of Kockums Industrier. Enercon is one of the world's leading suppliers of energy converters for wind power. The group has its head office in Aurich near the town of Emden. Enercon already has an office in Fosie outside Malmo and KIAB has been an important subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. of wind power pylons to Enercon since the beginning of 1999. In conjunction with the divestment, the parties have signed a rental agreement A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. for that part of KIAB's industrial premises which is affected by the divested operation. Enercon started manufacture of wind power equipment in 1984 and is now the largest company in this field in Germany and one of the largest in the world, with production units in Aurich, Magdeburg, Brazil and India. Sales units operate in 15 countries. Enercon has total sales of about DEM See digital elevation model. 1 billion and about 2500 employees. Saab is northern Europe's leading high technology company, mainly active in the defense, aviation and space industry, and offers advanced products and systems based on sophisticated information technology. The business areas within Saab are Infomatics, Aerospace, Dynamics, Technical Support and Services, Space and Aviation Services. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/12/14/20001214BIT01440/bit0001.doc http://www.bit.se/bitonline/2000/12/14/20001214BIT01440/bit0002.pdf |
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