Saab and Grintek have today announced their intention to increase
cooperation, whereby Saab is to acquire just over 20% of Grintek. The
acquisition is dependent on Grintek shareholders' approval of the deal,
and a decision is expected by mid January 2004.
Grintek Ltd supplies electronics-related products and services to
sectors within telecommunications, defence, mining, avionics, air
traffic management, security and power utilities markets in South Africa
and selected export markets. The Group is listed on the Johannesburg
Securities Exchange and has a market value of around ZAR 600 million.
Grintek has approximately 1,300 employees, many of whom are engineers
Saab and Grintek already cooperate in Grintron Pty Ltd, with Grintek Ltd
owning 51% and Saab 49% of the stock. Grintron operates in the defence
segment in South Africa and on the export market.
Saab is one of the world's leading high-technology companies, with its
main operations focusing on defence, aviation and space. The Group
covers a broad spectrum of competence and capability in systems
Saab develops, manufactures and delivers advanced products and services
for the defence market, as well as for those commercial markets where
there is a clear demand for its capabilities. Saab has the world as its
market, but research, development and production are carried out
principally in Sweden. The Group has a total of approximately 14,000
employees. Total annual sales are in the region of MSEK 17,000. Research
and development corresponds to about 25 per cent of net sales.
For further information please contact:
Iréne Svensson, Group Senior Vice President, Corporate Communications &
Public Affairs, Saab AB
Tel. +46 (0)8-463 01 30, +46 (0)734-18 71 30
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