SOLNA, Sweden, Feb. 11, 2003 (PRIMEZONE) -- NCC's (Stockholm:NCCA) wholly-owned subsidiary, Altima, will be spun-off to NCC shareholders around the end of 2003, assuming that the Annual General Meeting on April 10 approves this proposal. A spin-off of Altima will generate value for NCC shareholders and release capital within the NCC Group.
The strategy pursued by NCC since autumn 2001 has entailed a focus on reducing tied-up capital and concentrating on the Group's core business.
NCC has successfully developed Altima into one of the leading machinery rental companies in the Nordic market. Altima offers machinery and equipment to customers in the construction, industrial and public sectors. The company has annual sales of approximately SEK 1.4 billion, with about 1,100 employees, and is headquartered in Gothenburg. Altima is mainly active in the Nordic region but is also represented in the Baltic countries and St. Petersburg in Russia. The company holds a very strong position in the relatively fragmented machinery rental sector.
Altima's largest customer, NCC's various construction operations, accounts for approximately 70 percent of the company's total sales. Sales to external customers increased during 2002, in line with a conscious strategy pursued by Altima since its formation on January 1, 2002.
A prospectus will be issued at the beginning of autumn 2003.
"We have concluded that a spin-off of Altima is the alternative that will generate the most value for our shareholders. We believe that Altima has a considerable amount of inherent potential that our shareholders will now be able to capitalize on. The spin-off will also reduce NCC's net indebtedness, while further streamlining the Group's operations. A listing on the stock exchange will enhance Altima's prospects of developing successfully as an independent company in the machinery-rental market," said Alf Goransson, President and Chief Executive Officer of NCC.
For further information, please contact:
Bjorn Andersson, CFO Tel +46 8 585 52040 or +46 70 627 6592 Annica Gerentz, Investor Relations Manager Tel +46 8 585 52204 or +46 70 398 4209 Gisela Lindstrand, Press Relations Manager Tel +46 8 585 52346 or +46 70 392 9500
All of NCC's press releases are available on www.ncc.info.
NCC is one of the leading construction and property development companies in the Nordic region. NCC had in 2001 sales of SEK 46 billion, with 25,000 employees.
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