ETTEPLAN TRANSFERS AUTOMOTIVE INDUSTRY’S DESIGN SERVICES INTO A JOINT VENTURE
Stock exchange release – Published: 18.09.2009 11:00:00
ETTEPLAN TRANSFERS AUTOMOTIVE INDUSTRY'S DESIGN SERVICES INTO A JOINT VENTURE Etteplan Oyj has sold a majority holding in its Swedish subsidiary Etteplan Tech AB to Ulf Aiff, employed as Vice President in Etteplan Group, with contract signed on September 18, 2009. Etteplan Oyj sells 66.7% of Etteplan Tech AB's shares and voting rights to Ulf Aiff. The deal is executed as directed share issue. Etteplan Tech AB provides design services mainly to automotive industry. The company employs approximately 240 persons in Gothenburg and Trollhättan and has annual revenue of approximately EUR 19 million. After the sale of Etteplan Tech AB Etteplan has over 600 employees in Sweden. ”The sale of the Swedish subsidiary is continuation of operation adjustments implemented in Sweden during year 2009. The sale has a healing impact on whole Group's operations profitability. Etteplan concentrates its operations even more effectively in industrial machine and equipment engineering in order to grow in operations especially within technical product information and embedded systems' sectors in Sweden. Sweden is an important market for Group's operations. Etteplan's clientele in Sweden operate among others in energy and power transmission sector, aerospace and defence equipment industry, equipment manufacturers in medical technology, steel and metal industry as well as equipment manufacturers in forest industry”, comments Matti Hyytiäinen, President and CEO of Etteplan Oyj. “Etteplan Group's other Swedish subsidiaries continue their operations as a part of Etteplan. Among others Cool Engineering AB, operating in Gothenburg, serves customers manufacturing trains, mobile working machines, engines and cars by offering testing and analysis services that require expertise. These services are provided to add energy efficiency and improve emission control”, Hyytiäinen continues. ”The structural change of automotive industry has significantly influenced customers' needs. With a joint venture we create even more competitive and flexible company that is able to develop services to suit the needs of automotive industry customers. We will continue cooperation with Etteplan utilizing their expertise in automotive industry assignments”, comments Ulf Aiff. The sale of the company causes EUR 8.0 million goodwill write-down that does not affect cash flow. Etteplan's total assets decrease with approximately EUR 12 million. Etteplan expects the full-year revenue to be under EUR 120 million and operating profit to be negative due to non-recurring costs and goodwill write-down. Etteplan publishes its January-September 2009 interim report on October 29, 2009. Hollola, September 18, 2009 Etteplan Oyj Board of Directors Additional information: President and CEO Matti Hyytiäinen, tel. +358 400 710 968 DISTRIBUTION: Nasdaq OMX Helsinki Major media www.etteplan.com Etteplan is a specialist in industrial equipment engineering and technical product information solutions and services. Our customers are global leaders in their fields and operate in areas like the automotive, aerospace and defence industries as well as the electricity generation and power transmission sectors, and material flow management. Etteplan has comprehensive competence in electronics and embedded systems development, automation and electrical design, mechanical design and technical product information solutions and services. Etteplan's strength lies in its highly skilled employees who, being located near to the customers, are able to develop close, long term business relationships. We implement solutions globally according to customer needs. In 2008, Etteplan had turnover of EUR 161.6 million. The company currently has approximately 2,000 employees. Etteplan's shares are listed on NASDAQ OMX Helsinki Ltd under the ETT1V ticker.
