ÅF divests Lonas Technologia
|For further information:|
|Jonas Wiström, CEO and Group President||+46 70 608 12 20|
|Viktor Svensson, Executive Vice President, Corporate Information||+46 70 657 20 26|
ÅF has come to an agreement to divest the company's 75 percent share in the Russian subsidiary Lonas Technologia (Lonas), a move which is expected to have a positive effect on ÅF's profitability during the second half of 2014.
ÅF is divesting shares in Lonas for a total of SEK 30 million. The buyer is the Russian company AlmazInvest, a minority shareholder in Lonas. The share transfer will be completed in July 2014. The sale will result in a capital gain of about SEK 20 million. The transaction will in parallel have a negative impact on the income statement in the third quarter due to a translation loss of about SEK 35 million, which was previously recognised in the translation reserve in equity.
The decision to divest Lonas was based on the operation's problems with profitability and insufficient synergies with the rest of ÅF.
Lonas' accumulated sales for January-June 2014 amounted to SEK 60 million, with a negative result.
The ÅF Group is a leader in technical consulting, with expertise founded on more than a century of experience. We offer highly qualified services and solutions for industrial processes, infrastructure projects, and the development of products and IT systems. ÅF currently has some 7,000 employees. Our base is in Europe, but our business and our clients are found all over the world.