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News Release from: Karolin Machine Tool AB | Subject: Press brake/shears machine tools
Edited by the Manufacturingtalk Editorial
Team on 20 June 2007
Press brake/shears builder sold to
Finland
Karolin Machine Tools has sold the Ursiviken press brake and guillotine shears manufacturer to to the Finnish venture capital fund Sentica, which intends to set up a sheet metal working group.
The Swedish machine tool group, Karolin Machine Tools (KMT) has divested itself of KMT Ursviken and is streamlining group operations into three business areas KMT's board of directors has approved the divestment of subsidiary KMT Ursviken to the Finnish venture capital fund Sentica
This article was originally published on Manufacturingtalk on 4 Dec 2006 at 8.00am (UK)
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The divestment of Ursviken follows on from earlier divestments of the subsidiaries Herber and Pullmax, and represents the final phase in the discontinuation of the KMT Sheet Metal Working business area.
The purchase consideration amounts to approximately SEK 100 million, which is expected to generate a capital gain of about SEK 50 million.
The operation will be removed from the Group accounts as of June 25, 2007.
The buyer, Sentica, already owns companies within the field of sheet-metal working.
Sentica intends to create a new corporate Group based on Pivatic, one of these companies, and Ursviken.
"For a long time, we have been streamlining the Group to include three business areas, namely, advanced equipment for waterjet cutting and robotic system solutions within this segment, and machines for precision grinding of ball bearings and other components requiring high precision.
My assessment is that Ursviken's new ownership will provide a better possibility for the company to develop, while our operation will be concentrated further," said Lars Bergstrom, KMT's CEO.
KMT Ursviken produces and markets advanced sheet-metal working machines, such as press brakes and guillotine shears.
In 2006, sales amounted to SEK 187 million.
The number of employees is over 80.
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