Haldex AB completes restructuring and lists Concentric AB on NASDAQ OMX Stockholm
Concentric AB (publ) (“Concentric”), the former Hydraulics Systems Division of Haldex AB (publ) (“Haldex”), is now a separately listed company with its shares trading on the main market of NASDAQ OMX Stockholm.
Concentric produces and sells a range of products based on its core technical competence in pumps. The main products are oil pumps, water pumps, fuel transfer pumps and hydraulic pumps. Concentric’s solutions allow its global customers to achieve goals on fuel economy, emissions reduction and noise control. Concentric had net sales in 2010 of approximately SEK 1.9 billion and approximately 1,100 employees at its sites in China, Germany, India, United Kingdom, the United States and Sweden.
The listing of Concentric constitutes the end of an extensive restructuring of the Haldex group. The former three divisions within Haldex: the Hydraulics Systems division, the Commercial Vehicle Systems division and Traction division have been separated into three independent groups. The Traction division was sold to Borg Warner in January 2011 and the Commercial Vehicle Systems division will continue trading under the Haldex name.
Haldex and Concentric have been advised by Mannheimer Swartling throughout the restructuring, on the distribution and listing of Concentric and, as previously announced, on the trade sale of the Traction division. In the restructuring of Haldex, the firm’s team was by led by Biörn Riese, primarily assisted by Joel Mårtensson, Victoria Bagger-Sjöbäck and Therese Jansson. In the distribution and listing of Concentric, the firm’s team was lead by Eva Hägg and Biörn Riese, primarily assisted by Nils Nostell, Victoria Bagger-Sjöbäck and Gustaf Hygrell. Karin Attorps, primarily assisted by Carl Beyer, has advised Haldex on tax issues. Mattias Lampe, primarily assisted by Ola Espelund, has advised Haldex on the financing of the new groups.