STOCKHOLM, Sweden, March 4, 2002 (PRIMEZONE) -- To secure OM's development and expansion in the city of Stockholm, OM has been negotiating for some time with the City of Stockholm for the purchase of a property known as the Ford Building, in the Frihamnen district of Stockholm. OM has now purchased the property, which currently comprises an area of 22,000 m(2), for the sum of SEK 236 million. At the same time OM has agreed to sell the property on to Wihlborgs Fastigheter AB for the same price and with an attached leasehold agreement of 10 years. The deal between OM and the City of Stockholm also includes the transfer, to the City of Stockholm, of the leasehold of the old Stock Exchange building in the city's Old Town district.
With Wihlborg's as property owner and developer and Sandellsandberg as architects, OM will now start working on the creation of a new OM building with 1,500 work stations and an area of 34,000 m(2). The move to the new premises is expected to take place during the 4th quarter, 2003. --Our aim is to turn the Ford Building into a modern, efficient working environment possessing unique character. The contrast between a historical factory environment and state-of-the-art technology will form a dynamic platform for our operations. By bringing together our operations in a new OM building, we are creating the prerequisites for increasing efficiency and quality which will benefit our customers and provide the basis for further growth, explained Magnus Bocker, Executive Vice President, OM.
In connection with this announcement, OM is holding press meeting tomorrow, Tuesday, March 5, at 10 attended by Magnus Bocker, Executive Vice President of OM, Erik Paulsson, President of Wihlborgs and Thomas Sandell, President of sandellsandberg, and where their presentation will include images of the planned exterior and interior.
The press conference will be held in the "Fordhuset" (Ford Building) on Tullvaktsvagen 11 in Frihamnen, at 10.00hrs. Please join us.
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