Hexagon has entered into an agreement with a company controlled by the Norwegian venture capital fund Norvestor IV LP to divest all shares in Johnson Metall AB and its subsidiaries.
Johnson Metall is the leading Nordic manufacturer of finished and semi-finished products in bronze, with manufacturing units in Sweden and Finland as well as sales offices in Denmark and Norway. During 2006 the company had in total approximately 310 employees, and sales of approximately 475 MSEK. The disposal of the company will render Hexagon capital gains of approximately 80 MSEK.
Closing of the transaction is estimated to 20 February 2007 at the latest. The new owner is to consolidate Johnson Metall retroactive as of 1 February 2007 providing that necessary approvals for the acquisition from Norwegian competition authorities are granted.
"The divestiture of Johnson Metall is yet another step in focusing the Hexagon group 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. An example of this is the investment in the key component manufacturing for Scania in Sibbhult which was made public a couple of weeks ago", says Ola Rollén, CEO and President of Hexagon AB.
In connection with the divestment, Hans Carlsson will resign from the Hexagon management team, and leave his assignment as President of Hexagon Engineering, to work in Johnson Metall. Håkan Halén, CFO of Hexagon AB, will take the position as financially responsible for the remaining companies within Hexagon Engineering. Ulf Lang, CEO of CE Johansson AB, has been appointed responsible for operations.
Hexagon AB is a global technology group with strong market positions within measurement technologies, polymers and key components. Hexagon's vision is to be number one or number two in each strategic business area. The group has about 8 200 employees in 30 countries and net sales in the present organization of about 13 000 MSEK.