Ratos: Euromaint to divest German operations
This information is disclosed pursuant to the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act or requirements stipulated in the listing agreement.
Ratos's subsidiary Euromaint, a maintenance company for the rail transport industry, has signed an agreement to sell all its shares in its German subsidiary. Following an extended period of weak financial performance in the German business, a decision was made to focus on core operations in Sweden. The shares will be sold to Iberia Industry Capital Group and directly generate a negative earnings impact of approximately SEK 200m in the Euromaint Group. The divestment and overall weak financial performance in Euromaint over an extended period is expected to generate a considerable impairment of the company's book value in Ratos in the annual accounts.
Euromaint's German operations have experienced weak performance for several years and a sharply negative earnings trend in 2015 due to project delays and low volumes. The divestment is related to efforts to focus on the profitable Swedish core operations. The transaction is subject to customary terms and conditions, including financing, and will directly lead to a negative earnings impact in the Euromaint Group amounting to approximately SEK 200m. The sale is scheduled to be completed in Q1 2016. Coupled with the overall weak financial performance in Euromaint Germany and Sweden, the divestment is expected to generate a considerable impairment of Ratos's book value for Euromaint. The amount will be announced in conjunction with Ratos's year-end report.
"For many years, Euromaint has operated on a highly competitive market in which the German operations in particular have experienced a negative earnings trend. This divestment facilitates better focus on the Swedish core operations, further measures for higher cost efficiency and the supply of high-quality train maintenance services," says Susanna Campbell, CEO of Ratos.
Euromaint is Sweden's leading independent maintenance company for the rail transport industry. The company's services and products guarantee the reliability and service life of rolling stock such as passenger trains, locomotives, freight wagons and work machines. Between January and September 2015, turnover for the Swedish operations amounted to SEK 1,215m and EBITA to SEK 65m. The number of employees amounts to approximately 1,200 individuals who work at several locations throughout Sweden. Ratos's book value for Euromaint as a whole, including the German business, amounted to SEK 702m as per 30 September 2015. Ratos's holding in Euromaint is 100%.
For further information, please contact:
Susanna Campbell, CEO, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20
|Financial calendar from Ratos:|
|Year-end report 2015||17 February 2016|
|Annual General Meeting 2016||14 April 2016|
|Interim report January-March 2016||10 May 2016|
Ratos owns and develops unlisted medium-sized Nordic companies. The company's goal as an active owner is to contribute to the long-term and sustainable business development of its companies and to conduct value-generating transactions. Ratos's portfolio comprises AH Industries, Aibel, ArcusGruppen, Biolin Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, HENT, HL Display, Jøtul, KVD, Ledil, Mobile Climate Control, Nebula, Speed Group and TFS. Ratos is listed on Nasdaq Stockholm and has a total of approximately 17,000 employees.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
David Crosby Announces Intent to License His Name to the Cannabis Industry18.7.2018 18:04 | Pressmeddelande
Music industry icon pursuing licensing partnership with a leading Cannabis company LOS ANGELES and TORONTO, July 18, 2018 (GLOBE NEWSWIRE) -- David Crosby, co-founder of two of the most successful bands in history (Crosby, Stills, Nash & Young, and The Byrds) today announced he is seeking a licensing relationship with a national or global Cannabis company. This opportunity would include the exclusive license of his iconic name and marks for use worldwide. Mr. Crosby suggests calling the brand "MIGHTY CROZ" because his friends, colleagues and fans call him "Croz", but specific naming and packaging will be determined in consultation with the selected Cannabis company. Mr. Crosby will actively advise the selected Cannabis company in developing and marketing the brand. "People have been asking me to do a quality Cannabis brand and with legalization expanding, now is the right time," said David Crosby from his ranch in California. "Our first priority is partnering with a leading Cannabis co
Telecom Argentina's landing station and backhaul are selected for ARBR submarine cable system between Argentina & Brazil18.7.2018 17:00 | Pressmeddelande
ARBR + Seabras-1 to provide most direct route between Buenos Aires & New York BUENOS AIRES, Argentina and BOSTON, July 18, 2018 (GLOBE NEWSWIRE) -- Telecom Argentina S.A. ("Telecom Argentina") (BASE:TECO2) (NYSE:TEO), one of Argentina's leading telecommunications companies, Grupo Werthein, a preeminent Argentine investment holding company with a track record of significant telecommunications holdings, and Seaborn Networks ("Seaborn"), a leading developer-owner-operator of submarine fiber optic cable systems, announced today that the ARBR submarine cable system between Argentina and Brazil ("ARBR") will be landing in Telecom Argentina's cable landing station in Las Toninas, Argentina. In addition, Telecom Argentina shall provide ARBR with dark fiber on a backhaul route between Las Toninas and Buenos Aires, as well as point of presence (POP) space in Buenos Aires. ARBR is a new fiber optic submarine cable system developed by Seaborn and co-owned by Seaborn's Seabras Group together with T
Salim Ismail Announced as Keynote Speaker at Mitratech's Interact 2018 Conference18.7.2018 15:02 | Pressmeddelande
Best-Selling Author and Tech Strategist Shares Insights on New Paradigm in Organizational Design AUSTIN, Texas, July 18, 2018 (GLOBE NEWSWIRE) -- Mitratech, the leading provider of legal and compliance software solutions, today announced that Salim Ismail, best-selling author, founding executive director of Singularity University, and founder of ExO Works, will deliver the keynote address at its Interact 2018 Conference. Every year the Interact conference provides an opportunity for clients, industry experts and partners to connect, learn, and contribute to insightful sessions on Mitratech innovations, legal operations best practices and industry trends. This year's theme, The Next Frontier of Legal Ops, recognizes that legal operations should be a center of innovation and excellence that brings people, processes and information together like never before by extending legal operations capabilities across the entire enterprise. "Salim understands the power of innovation and technology t
Corvil Introduces AI-Powered "Intelligence Hub" to Help Businesses Achieve Superior Digital Experiences and Performance18.7.2018 15:00 | Pressmeddelande
The solution delivers powerful big data analytics insights to business and operational users without the traditional lengthy timelines and costs DUBLIN, Ireland, July 18, 2018 (GLOBE NEWSWIRE) -- Corvil today announced Intelligence Hub, the next generation of digital intelligence to improve the performance, agility and digital experience of today's modern businesses. Intelligence Hub offers the potential to dramatically change how organizations see, manage and optimize their business and supporting technology operations. Today's businesses require a new type of "digital intelligence" that understands and correlates changes in the critical dimensions of business outcomes, user and customer experience, underlying application and infrastructure performance, and cybersecurity. Intelligence Hub provides proactive alerting on changes in these dimensions and allows business and operations teams to flexibly visualize, explore and analyze this key information for more informed action. " Intelli
Taconic Biosciences and Cyagen Biosciences Announce Strategic Partnership18.7.2018 14:00 | Pressmeddelande
RENSSELAER, N.Y., July 18, 2018 (GLOBE NEWSWIRE) -- Taconic Biosciences and Cyagen Biosciences, global leaders in the generation of custom genetically engineered rodent models and associated services, announced a strategic partnership. Under the agreement terms, the two companies will combine resources to provide the global scientific community with access to premium custom model design and generation services backed by comprehensive capabilities and cutting-edge, fully-licensed technologies. Custom animal models play a critical role in new drug discovery as biological systems that provide critical insight into the dynamic between a potential therapeutic and a living organism. Combining over twenty years of experience, the industry's most extensive model generation technology portfolio, and seamless integration to downstream premium custom breeding solutions, Taconic is recognized for creating complex genetically engineered mice and rats for biomedical research. Cyagen entered the indu
Data to be Presented From Biogen's Alzheimer's Disease Clinical Development Portfolio at the 2018 Alzheimer's Association International Conference (AAIC)18.7.2018 13:30 | Pressmeddelande
Ongoing Alzheimer's disease research programs target possible causes of the disease through multiple modalities Data to be presented from Alzheimer's disease clinical development portfolio including aducanumab, elenbecestat, and BAN2401 Data underscore Biogen's long-term commitment to furthering Alzheimer's disease research and treatment, with a focus on patients with early stage disease CAMBRIDGE, Mass., July 18, 2018 (GLOBE NEWSWIRE) -- Biogen (Nasdaq:BIIB) announced it will present data from its Alzheimer's disease clinical development portfolio at the upcoming Alzheimer's Association International Conference (AAIC) in Chicago (July 22-26). Data being presented are part of Biogen's research programs targeting several of the identified causes of Alzheimer's disease, focusing on early-stage disease. "The data to be presented at AAIC exemplify our belief that treatments are needed at the earliest stages of Alzheimer's disease to impact the underlying pathophysiology and delay disease p
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum