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HANZA to Divest Subsidiary in Slovakia
December 14, 2015 | HANZA Holding ABEstimated reading time: 1 minute
HANZA Holding AB has signed an agreement to sell its subsidiary in Slovakia. The business has approximately 50 employees and is a part of HANZA's Electronics Division. A portion of the current customers in HANZA Slovakia will be transferred to other sites in the HANZA Group, whereas other will remain in the divested production unit. The move is in line with HANZA's long-term plan of developing the new manufacturing cluster of Electronics/Mechanics in Poland/Czech Republic, which was created through the acquisition of Metalliset in September 2015.
"The sale is an additional part of the efficiency program announced in January this year," says Erik Stenfors, CEO HANZA. "We then stated that we will develop HANZA significantly during 2015 through acquisitions and consolidation of some of our production facilities. The purpose of this strategy is to create an efficient industrial structure for the coming phase of the development of the HANZA Group, where we forecast an increased number of MIG-projects."
The buyer is a Slovakian private investor, Andrej Beňuška, and the transaction is immediately finalized. "We are pleased with this opportunity to acquire the plant, which creates a good solution for both the customers and the employees," said Beňuška.
The divestment will affect HANZA's earnings in 2015 marginally. Due to that only a part of the existing manufacturing in Slovakia is transferred to other sites in HANZA, the transaction is expected to result in somewhat lower revenue for the HANZA Group during 2016, however with somewhat improved operating profit. The parties have agreed not to disclose any further details of the agreement.
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