The Board of Directors of Orkla ASA (OSE:ORK) has decided to explore the possibility of listing its wholly-owned subsidiary Gränges AB ("the company") on NASDAQ OMX Stockholm. This decision is part of Orkla's long-term strategy to become a pure-play branded consumer goods company.
Gränges is the leading global manufacturer of rolled aluminium for heat exchangers, primarily for the automotive industry. The company has production facilities in Sweden and China, and had a total of 971 employees at the end of 2013.
Gränges had a turnover of NOK 4.0 billion in 2013, and achieved operating profit (EBITA) of NOK 337 million. In the first quarter of 2014, Gränges posted operating profit (EBITA) of NOK 117 million, compared with NOK 85 million in the corresponding period of last year. The increase is ascribable to higher volume and the effects of improvement programmes.
This information is subject to disclosure requirements pursuant to section 5-12 of the Securities Trading Act.
Oslo, 8 May 2014
For further information, please contact:
Håkon Mageli, EVP Communications & Corporate Affairs
Tel: +47 928 45 828
Rune Helland, SVP Investor Relations
Tel: +47 977 13 250
FACTS ABOUT GRÄNGES AB
Gränges is a global aluminum company that focuses solely on rolled products for the heat exchanger industry. The majority of Gränges' customers are in the automotive industry. Around half of all cars in the world today have heat exchangers containing materials and expertise supplied by Gränges. Gränges is the global market leader in this segment. Gränges' research and development department and production facilities are located in Sweden and China. The company has sales offices and technical support departments in the USA, India, Japan and South Korea. Up until 2013, Gränges was part of the Sapa Group, which supplied aluminium solutions, and operated under the name Sapa Heat Transfer. In 2013, Gränges was spun off as a separate company.