Industrivärden has sold its holding of 4,408,046 Class B shares in Höganäs, corresponding to 12.6% of the capital and 10.0% of the votes, to H Intressenter AB – jointly owned by Lindéngruppen AB and Foundation Asset Management Sweden AB – for SEK 320 per share, or a total of SEK 1,411 M. Including dividends received and repurchases made during the holding period since 2004, Industrivärden's total return was 100%.
Commenting on the sale, Anders Nyrén, President and CEO of Industrivärden, said: "Together with the principal owner, Lindéngruppen, we have participated in developing Höganäs to attain a leading position in metal powder. The company is showing good growth and profitability today, which is clearly reflected in the fine return we have earned on our investment. The recruitment of CEO Alrik Danielson has been a key success factor, and under his leadership the company has improved the efficiency of its business and adopted a greater niche focus. The principal owner, Lindéngruppen, is now of the opinion that Höganäs can develop best in an industrial environment outside of the stock market. It is therefore natural for us to sell our holding to them."
In the event a public offer from H Intressenter AB should result in a higher price per share than SEK 320, Industrivärden will receive an additional payment corresponding to the difference.
Stockholm, February 11, 2013
AB INDUSTRIVÄRDEN (publ)
For further information, please contact:
Anders Nyrén, President and CEO, tel. +46-8-666 64 00
The information provided in this press release is such that AB Industrivärden (publ) is obligated to publish pursuant to the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980). Submitted for publication at 07:30 a.m. on February 11, 2013.