Over the past year, Scana Industrier has developed and implemented a new strategy, in which the company is changing from an industrial group into an industrial investment company. To emphasise the change, today the company is changing its name to Incus Investor ASA (www.incusinvestor.com).

Scana Industrier has experienced a turnaround since the financial crisis created significant challenges for the steel industry. In the past year, the company has revised its strategy and built an industrial investment company out of an industrial company steeped in tradition. The change of name was approved by the General Meeting on Tuesday evening.

"This is a natural result of the development since spring 2015, when Scana's Board of Directors voted to convert the company from a Nordic industrial group to an industrial investment company," says Managing Director Bjørn Torkildsen.

The company has gone from being a group, of which all the subsidiaries where an integral part, to being a holding company. The company owns individual, and in principle self-financing, portfolio companies, in which corporate governance is exercised through Board participation.

"We believe that these will provide the best conditions for a positive development of shareholder value as independent companies with Incus Investor ASA as an active, competent owner," says Torkildsen.

Scana Industrier has carried out major changes in the time leading up to the change to Incus Investor in order to strengthen the company. The changes have taken place by various means, including sales and shutdowns. The service part of the offshore companies was sold in the second quarter of 2014. Scana Steel Söderfors was sold in February 2015. Scana Steel Stavanger presented a petition for a winding-up order in March 2015, and Scana Zamech in Poland did the same in June 2015. Scana Property sold a number of properties in the course of 2014 and 2015, while Scana Machining was sold in the first quarter of this year.

The previous organisation into business areas has now been replaced with portfolio companies: Scana Energy, Scana Propulsion, Scana Property, Scana Offshore - formerly Scana Offshore Vestby, Scana Skarpenord and Scana Steel Booforge.

The name change for the holding company has no effect on the portfolio companies.

The new name and profile were developed by Fasett as. Incus is the Latin word for anvil, which links the new company to the industry it comes from.

For further information, please contact:
Bjørn Torkildsen, CEO, bjorn.torkildsen@incusinvestor.com  mobile: +47 91 91 97 42
Kjetil Flesjå, CFO, kjetil.flesja@incusinvestor.com  mobile: +47 900 41 213

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)



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#2007053
Service (NYSE:SCI)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Service Charts.
Service (NYSE:SCI)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Service Charts.