ÅF is to sell its Finnish subsidiary ÅF-CTS Oy with 130 employees for 4 million euros, which is in line with the company's book value.

 

The purchasers are the management of ÅF-CTS Oy and the venture capital company Nordic Mezzanine Ltd.

 

The sale is part of the strategic re-alignment currently being undertaken within ÅF's Process Division.

 

On 1 January 2007 around 70 members of staff were transferred from ÅF-CTS Oy to ÅF-Enprima Oy. After the sale of ÅF-CTS Oy the ÅF Group will have a total of approximately 350 employees in Finland.

 

As the sale requires the approval of a general meeting of shareholders in AB Ångpanneföreningen, an extraordinary meeting of shareholders has preliminarily been planned for August. A separate call to the meeting will be published no later than two weeks prior to the meeting.

Corporate Information
AB Ångpanneföreningen