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Press release

Press release

The ÅF Group reorganises IT & Product Development

The ÅF Group is to emphasise its commitment to IT & Product Development by splitting its Industry & Systems division to create two separate divisions of Industry and Systems respectively. Systems will become a division in its own right within IT & Product Development, with nearly 375 co-workers.
The change is due to take place in January when Matz Axelsson will become the new MD.
 
"We will be one of Sweden's leading enterprises within the field of product development," says Matz Axelsson. Major customers include Siemens, Ericsson and Volvo.
 
"I want to expand the operation from a solid base. As the market for IT and product development dropped off in autumn 2003, one of the first actions we have to take is to adapt our operations to suit the current market climate. In order to ensure profitability we will be putting 50 co-workers on notice," says Mr Axelsson.
 
Matz Axelsson began his employment with the ÅF Group in November 2003 as managing director of the software company ÅF-Data (50 co-workers). Before coming to ÅF, he was a vice MD within Prevas. As part of the reorganisation, ÅF-Data will become part of the Systems division.
 
The reorganisation involves structural costs of up to SEK 25 million, which will affect profits for the first quarter of 2004.
 
The Industry division will have around 400 co-workers and will focus on industrial Automation and Electrical Engineering. Its MD will be Christer Karlsson, who was previously the MD of Industry & Systems.
 
As part of the reorganisation, the New Markets division is to cease operation, partly because ÅF-Data will become part of the Systems division, and partly because the remaining ÅF-Kontroll and ÅF-Infrateknik will be forming their own separate divisions of Kontroll and Infrateknik.
 
 
AB Ångpanneföreningen
 
Corporate Information

For further information: <!-- hugin-supplied --><br> Jonas Wiström, CEO +46 (0) 8 657 11 15/+46 (0) 70 608 12 20 <!-- hugin-supplied --><br> <!-- hugin-supplied --><br> Viktor Svensson, <!-- hugin-supplied --><br> Director, Corporate Information +46 (0) 8 657 12 01/+46 (0) 70 657 20 26