Saab intends to sell its holding in Nammo AS. Saab has signed a Letter of Intent with Finnish Patria Oyj to sell its holding in Nammo – Nordic Ammunition Company. Nammo is currently owned by the Norwegian State (45 percent), Patria (27.5 percent) and Saab (27.5 percent).
“We are streamlining and focusing our operations. At the same time we are enabling Nammo to develop strongly with its new owner constellation,” says Saab’s Executive Vice President Ingemar Andersson.
The purchase sum is MSEK 400 and will have a positive impact on Saab’s results. The transaction is being conducted on a first-refusal basis and is subject to the standard due diligence. The Norwegian State is entitled to acquire 5 percent of the shares in the sale and they are to announce their intention of exercising the right before December 18, this year. This would mean that Patria and the Norwegian State would own equal shares in Nammo once the transaction takes place. The deal is expected to be completed by the end of 2005.
Saab is one of the world’s leading high-technology companies, with its main operations focusing on defense, aviation and space. The Group covers a broad spectrum of competence and capability in systems integration.
For further information, please contact:
Ingemar Andersson, Executive Vice President, Saab, +46 (0)8-463 01 27,
cell +46 (0)706-24 48 30
Lars Wahlund, Group Senior VP Corporate Financial Control, Saab,
+46 (0)13-18 71 35, cell +46 (0)734-18 71 35