ASSA ABLOY

October 03, 2011 04:06 ET

ASSA ABLOY's sales of Lorentzen & Wettre completed

STOCKHOLM, SWEDEN--(Marketwire - Oct 3, 2011) -

All conditions for the sales of Lorentzen & Wettre to ABB have been fulfilled and the transaction was successfully completed on Friday September 30. The selling price is SEK 750 M on a cash and debt free basis.

Lorentzen & Wettre manufactures and sells process equipment for the pulp and paper industry, had a turnover of SEK 307 M in 2010 and 188 employees.

"It is very satisfying that the transaction is now concluded and that Lorentzen & Wettre in ABB gets a long term owner that gives the company an industrial home and creates opportunities for a continued good development" said Johan Molin, President and CEO of ASSA ABLOY in a comment.

Press release PDF: http://hugin.info/1014/R/1551454/477848.pdf

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Source: ASSA ABLOY via Thomson Reuters ONE

[HUG#1551454]

Contact Information

  • For more information, please contact:

    Johan Molin
    President and CEO
    tel no: +46 8 506 485 42

    Tomas Eliasson
    CFO and Executive Vice President
    tel no: +46 8 506 485 72