Hexagon has entered into an agreement with Stena Metall AB to divest all shares in Eurosteel AB with subsidiaries in Sweden and Norway.
Eurosteel sells iron-, steel- and metal products to customers in Scandinavia. The Eurosteel group supplies and refines sheet metal and bars and markets a wide range of tool steel and pre-machined steel components for the tooling industry and high quality products in forging and casting. Eurosteel's sales during 2006 totalled 658 MSEK and the number of employees at the end of the year was 240. The divestment will render Hexagon capital gains of approximately 25 MSEK.
The divestiture is conditioned by customary approvals from the relevant competition authorities. Stena Metall will consolidate Eurosteel as of 1 March 2007.
"The divestiture of Eurosteel is yet another step in focusing Hexagon towards a pure market leading measurement technologies company. Further divestments of companies within the business area Hexagon Engineering will take place as we find the companies fit to leave the Hexagon group, in combination with attaining the right price. As long as the companies are part of our group, we will continue to develop the businesses in the best possible way", says Ola Rollén, CEO and President of Hexagon AB.
With prior divestitures of Högmans Industri Verktyg AB and Johnson Metall AB, and now also Eurosteel AB, more than 600 MSEK is released for further expansion of Hexagon's core businesses. At the same time Hexagon Engineering is reduced from approximately 1 700 MSEK to approximately 600 MSEK in sales. The business area will from now on be reported as other businesses.