Finnveden to close production unit in Vansbro

2005-06-14 Press release

Finnveden to close production unit in Vansbro

Finnveden intends to close its production unit in Vansbro, Sweden and transfer production to Mora and Olofström in Sweden and to Bielsko Biala in Poland. Consequently, notices of termination of employment were given to all employees. The notice pertains to production employees and management personnel.
The production unit in Vansbro is being closed as a result of the Metal Structures business area concentrating and specializing its production to a fewer number of production units. As a result, competitiveness and the position for the business area?s other units is strengthened, while at the same time the total cost level is reduced.
Negotiations with the affected union organizations will be initiated in accordance with the Swedish Employment Act.

For further information, contact:
Tommy Boork, CEO, Finnveden, +46 (0)31 734 59 10

Finnveden is an international engineering group, with strong market positions in the automotive industry. Products include fasteners, engine components and structural components. Finnveden is listed on the Stockholm Stock Exchange and has annual sales of about SEK 4.9 billion, with 3,300 employees.