ERJ staff report (DS)
Trelleborg, Sweden -- Trelleborg is to sell its automotive fluid solutions operation to Bavaria Industriekapital AG, located in Munich, Germany. The purchase price amounts to approximately SEK 300 million (euro 31 million) based on current working capital level, of which about SEK 200 million will comprise cash and cash equivalents. The divestment is estimated to have an accounting capital loss for Trelleborg of approximately SEK 150 million after tax.
Fluid Solutions has approximately 1,900 employees and operations in France, Italy, Poland, Slovakia, Spain, the Czech Republic, Turkey and Germany. Fluid Solutions manufactures components such as hoses for engine-cooling and air-supply solutions. The operations had sales of approximately SEK 1,300 million (euro 135 million) in 2009 and recorded a loss.
The takeover is expected to occur during second quarter 2010.
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Press release from Trelleborg