Uponor Corporation Stock exchange release 25 February 2015 8.00EET
Uponor divests its majority holding in Thai infrastructure solutions company
Uponor Infra Oy, a subsidiary of Uponor Corporation, has on 24 February 2015 sold its majority shareholding of 65.99% of the shares in Wiik & Hoeglund PLC. The company is listed on the Stock Exchange of Thailand. The buyers are four Thai investors acting together.
The parties also signed a License Agreement whereby Wiik & Hoeglund PLC was granted a license for Uponor Infra’s proprietary Weholite technology.
The divestment does not impact Uponor Group’s guidance for the year 2015 and it does not generate sales gains or losses of note. The net sales of the divested business in 2014 amounted to €23 million and it employed 210 persons.
Uponor Infra Oy made a decision to withdraw from Thailand and its surrounding markets in accordance with its strategy to focus on markets where it can command a strong market position and achieve operational synergies.
Through the former KWH Pipe Ltd, Uponor Infra has been active in the Thai market since 1983 under the name Wiik & Hoeglund PLC and shares have been traded on the Stock Exchange in Thailand since beginning of 1996.
Further information from:
Sebastian Bondestam, President, Uponor Infra Oy, Tel +358 20 129 2846
(between 11.00-14.00EET)
Riitta Palomäki, CFO, Uponor Corporation, Tel +358 20 129 2822
(between 11.00-14.00EET)
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852
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www.uponor.com
Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. The Group employs approx. 4,000 persons, in 30 countries. In 2014, Uponor's net sales exceeded €1 billion. Uponor Corporation is listed on NASDAQ Helsinki in Finland. www.uponor.com