Following clearance from competition authorities, the previously announced divestment of the Traction Systems Division was closed on 31 January 2011.
The Board of Directors of Haldex has decided to divest its Traction Systems division (“Traction”) to BorgWarner Inc (“BorgWarner”)
The purchase price amounts to SEK 1 425 m on a cash and debt free basis
The price corresponds to nearly 14 times historic earnings and provides maximum value for Haldex shareholders
Investment AB Öresund, Afa Försäkring, Göran Carlson through companies and Unionen have formed a Nomination Committee before the 2011 Haldex Annual General Meeting. Together these owners represented 23.4% of the votes in Haldex AB as per November 30, 2010.
As a final step in the earlier announced Cost-Reduction Program, Haldex conducted a review of Commercial Vehicles Systems’ (CVS) production structure in North America. The review resulted in measures for a further concentration of CVS’ North American manufacturing to the Haldex plant in Monterrey, Mexico.
The Haldex Board of Directors will propose
a reorganisation of the divisions of Haldex, so that the Haldex shareholders will subsequently own shares in three separate listed companies instead of a single company. The intention is to submit this proposal to shareholders at the AGM in the second quarter of 2011