The Haldex Board of Directors has proposed a distribution of the Hydraulic Systems Division to shareholders so that Haldex’s two divisions will become independent, listed companies, conditional upon the approval at the AGM held on June 8, 2011. The listing process for the Hydraulics Systems division is proceeding according to plan and a listing prospectus is expected to be published on May 24. At the capital markets day the new companies will be presented in more detail.
“During the last years we have taken decisive actions to streamline and position the Group, and the individual divisions have now achieved such size, maturity and profitability that they will have better opportunities for further growth as separate listed entities. The result is two companies with strong balance sheets, well positioned for future profitable growth providing long-term shareholder value”, says Joakim Olsson, President and CEO of Haldex.
CVS will continue to operate under the Haldex AB name and Hydraulics Systems will change name and operate under the name Concentric AB.
For the full release please see the attached pdf.
For further information, please contact Lena Olofsdotter, SVP Corporate Communications +46 (0)708-326 854.
Haldex (www.haldex.com (http://www.haldex.com/)), headquartered in Stockholm, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock Exchange and had net sales of nearly 6.9 billion SEK in 2010. The number of employees amounts to about 3,800.
Haldex discloses the information in this press release according to the Swedish Securities Market Act and/or the Swedish Financial Trading Act. The information was provided for public release on May 20, 2011, at 07.45.