Brief: Bulten Completes Divestment Of Russian Operation

Bulten AB

19/04/2022 08:12

April 19 (Reuters) - Bulten AB  BULTEN.ST :
    * BULTEN COMPLETES DIVESTMENT OF RUSSIAN OPERATION
    * PURCHASE PRICE CORRESPONDS TO APPROXIMATELY SEK 10 MILLION
    * TODAY SIGNED AN AGREEMENT TO DIVEST ITS RUSSIAN OPERATION
TO
RUSSIAN COMPANY CAR SEATS LLC
    * TO REDEEM RUSSIAN AUTOMOTIVE MANUFACTURE GAZ'S SHARES IN
JOINT
VENTURE THAT BULTEN AND GAZ HAVE OWNED SINCE 2012.
    * APART FROM TRANSACTION COSTS, DIVESTMENT HAS NO EFFECT ON
CASH
FLOW
    * FINANCIAL NET EFFECT ON BULTEN'S PROFIT AND LOSS AMOUNTS
TO A
PRELIMINARY SEK -85 MILLION, WHICH WILL AFFECT COMPANY'S RESULTS
FOR Q1 OF 2022
    * BULTEN'S ANNUAL TURNOVER WILL NOT BE IMPACTED BY
DIVESTMENT,
SINCE RUSSIAN OPERATION CORRESPONDS TO JUST 1.6% OF COMPANY'S
TOTAL ANNUAL SALES
    * DIVESTMENT OF RUSSIAN OPERATION, REDEMPTION OF SHARES AND
LIQUIDATION OF JOINT VENTURE ARE PLANNED TO BE COMPLETED SHORTLY

Source text for Eikon:  ID:nWkrVqbjV 
Further company coverage:  BULTEN.ST 

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