In early September announced Orkla, listed on the Oslo Stock Exchange, the company will sell and list the subsidiary Granges. Orkla is best known for selling a range of well-known consumer products in the food sector and want to concentrate on the future.
According to plans Granges are listed on Nasdaq OMX Stockholm on 10 October. Orkla expects to sell 60 percent stake in the company but keeps the door open for another 12 percent of the shares can be sold if demand is high enough.
It can also be an additional part that goes out to investors in connection with the listing.
The price is expected to be between 42 and 50 per share. It allows Granges receive an estimated market capitalization of between 3.1 and 3.7 billion.
Granges is today an aluminum company that specializes in rolled products for heat exchanger industry. The customers are in the automotive industry worldwide. According to the company, about half of all the world’s cars exchangers containing material from Granges.
Granges also has a long industrial history with links to, among other things, iron, mining and rail. Granges has also previously been owned by Electrolux, but in 1997, the shares in Granges to Electrolux shareholders and the Company was listed on the Stockholm Stock Exchange.
The company changed name later to Sapa and was purchased in 2005 from the stock exchange of Orkla. In 2013 came the name Granges again, and the company became an independent aluminum manufacturer in the Orkla Group.
Granges had last year sales of 4.6 billion, with an adjusted operating profit of 371 million kronor. The company has 950 employees of whom 420 are in Sweden.
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