Finnveden sells Powertrain business to Gnutti

2007-07-03 Press release

Finnveden sells Powertrain business to Gnutti

2007-03-07
PRESS RELEASE
 
On 6 March, Finnveden sold the Powertrain Components business area to Italian Gnutti Carlo S.p.A.
 
This merger of Gnutti and Finnveden Powertrain gives rise to one of the world?s leading suppliers of precision components for heavy diesel engines. The combination of increased size, broader geographic presence and improved production and process expertise creates a very strong business partner to customers in the international automotive industry.
 
"By selling Powertrain we are contributing to the formation of a world-leading supplier of engine components. We are now continuing the work of recent years to consolidate and develop each of Finnveden's business areas. This transaction will give us a strong financial position to intensify our industrial structuring work and to support faster growth," says Johan Lundsgård, President and CEO of Finnveden.
 
For further information, please contact:
Johan Lundsgård, President and CEO of Finnveden
phone +46 (0)31-734 59 00 or e-mail johan.lundsgard@finnveden.com.
 
Finnveden is an international engineering group that holds strong positions in selected market segments. The Group develops and manufactures customer-specific products and services as a business partner to the international automotive industry. The new Finnveden will have an annual turnover of approximately 2.7 billion Swedish kronor and approximately 1,800 employees. For further information, please go to www.finnveden.com

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