The new Sapa sees the light of day
[2007-06-08 14:17]
The new company will have a strong market position with a market share of 19 per cent in Europe and 27 per cent in North America. The combined net sales for the new company was USD 4.2 billion in 2006. The new Sapa will have approximately 12,000 employees.
The division of ownership in Sapa AB has provisionally been fixed at 54 per cent for Orkla and 46 per cent for Alcoa. In accordance with the agreement, the final division of ownership interests will be calculated on the basis of Sapa´s and Alcoa´s respective contributions to adjusted EBITDA for the last twelve months (01.06.06 - 31.05.07). The final division of ownership will be determined when audited figures for the period are available.
Orkla and Alcoa will have equal number of representatives on the Board of Directors of Sapa AB. The board members will comprise Dag J Opedal and Hilde Myrberg from Orkla, in addition to which Orkla has appointed Anders G Carlberg as its third representative on the Board. Alcoa has appointed Rudi Huber, Barbara Jeremiah and Paul Thomas. Dag J Opedal will be elected as Chairman of the Board of Sapa AB.
"We are creating a global market leader in aluminium profiles that has potential for further growth. The company will create value through close cooperation with our customers and efficient operations. We are combining the best from two organizations," says Ole Enger, President and CEO of Sapa.
Orkla and Alcoa aim to list the company on the stock exchange (IPO) within the next 18 months.
For further information, please contact Ole Enger, CEO Sapa AB, tel. +46 8 459 59 11, Svein-Tore Holsether, CFO Sapa AB, tel. +47 951 552 22, Gabriella Ekelund, Communications Director, Sapa AB, tel. +46 70 953 08 53 or Rune Helland, SVP Investor Relations, Orkla ASA, tel.+47 22 54 44 11.
Sapa is an international industrial group, which develops, manufactures and markets value-added aluminium profiles, profile-based building systems, and heat exchanger strip in aluminium. Sapa is part of Norwegian Orkla, listed on the Oslo Exchange.
Further information about Sapa can be found on our web site www.sapagroup.com
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