VARNAMO, Sweden, Oct. 11, 2002 (PRIMEZONE) -- Finnveden (Stockholm:FVEDb) will move its head office from Varnamo to Gothenburg, Sweden, during the first half of 2003. At the same time, the management teams for the Sheet Metal Components and Fasteners business areas will move to the new office in Gothenburg.
The Board of Finnveden decided in August this year on a new strategic direction for the Group involving a strengthened focus on the automotive- related operations and a streamlining of the Group. In line with the focus on the automotive industry, a Group structure was created with a combined management group for the three automotive-related business areas.
With the new structure, Finnveden is better able to meet the increasing requirements of the automotive industry and create a common corporate culture. The structure also provides better opportunities to utilize the industrial and market knowledge as well as the combined expertise that exists within the business areas.
"There are several reasons for the move. Moving together in the same location provides better conditions to capitalize on the expertise within the Group and to strengthen the Group's competitiveness over the long term. Moreover, the Gothenburg region is an important base for the recruitment of key individuals to Finnveden's automotive operations," said Tommy Boork, CEO of Finnveden.
Finnveden AB (publ) Tommy Boork, CEO +46 70 511 21 13
Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and sheet-metal components. Finnveden is listed on Stockholmsborsen (Stockholm Exchange) and has annual sales of about SEK 4.5 billion, with 3,500 employees. Additional information is available on Finnveden's website: www.finnveden.se
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