Scana Industrier ASA, dispose of Scana Machining AB - detailed stock exchange announcement
February 10 2016 - 2:30AM
Reference is made to announcement of 8 February
2016. This detailed stock exchange announcement is prepared and
published in accordance with section 3.4 of the Continuing
Obligations of stock exchange listed companies.
Scana Industrier ASA ("Scana Industrier" or the
"Company") entered 7 February 2016 into a share and purchase
agreement (the "SPA") with Motala Verkstad Group AB ("MVG"). Under
the SPA, MVG will acquire 100% of the shares in Scana Machining AB
("Machining") with closing of the transaction first of March
2016.
The transaction will be settled in cash with an
adjustment mechanism at closing and is expected to result in an
accounting loss of approximately MNOK 15.
Machining sells and performs services in assembly,
machining, welding and testing of system deliveries for heavy
components in an extensive range of steel and other metals:
everything from low-alloy to advanced stainless steels, as well as
aluminum alloys and other high-performance materials. The Board of
Machining consists of Leif Arne Rosèn (chairman of the board), Stig
Sören Andersson (board member), Solveig Anette Adlevik (board
member) and Peter Johan Torsten Janson (board member) at the time
of transaction. The CEO is Sören Andersson. The company had 56
employees as of year end 2015.
The impact of the transaction for Scana Industrier
is that the transaction decreases Scanas liquidity- and operational
risks together with reduced bank guarantee exposure.
In 2014, Machining had revenues of MNOK 64, total
assets of MNOK 59 and a negative result before tax of MNOK 35.
Scana Industriers consolidated revenue, assets and result in 2014
was MNOK 1,196, MNOK 1,080 and minus MNOK 265 correspondingly.
Details with key financial figures are provided in
an attachment to this announcement.Key adjusted figures on Impact
on Group accounts are taken from management accounts after
adjustment for intercompany revenue and cost transfers.
For further information please
contact:
Mr. Bjørn Torkildsen, CEO Scana Industrier ASA, Mobile +47 91 91 97
42
Mr. Kjetil Flesjå, CFO Scana Industrier ASA, Mobile: +47 90 04 12
13
Mr. Leif A Rosèn, Investment Director, Scana Energy AB, Mobile: +46
70 3304 186
This information is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
Machining_Financial
statement
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Scana Industrier asa via Globenewswire
HUG#1984860
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