Haldex reveals changes to commercial vehicle and hydraulics divisions20 May 2011

As part of a reorganisation of its businesses, Haldex has announced new company names for its commercial vehicle systems (CVS) and hydraulic systems divisions.

The Haldex board of directors has proposed a distribution of the hydraulic systems division to shareholders so that the two entities will become independent, listed companies, conditional upon the 2011 Haldex AGM, to be held in June.

Haldex reveals that the listing process for the hydraulics systems division is proceeding according to plan, and a prospectus is now due on May 24.

"During the last years we have taken decisive actions to streamline and position the group, and the individual divisions have now achieved such size, maturity and profitability that they will have better opportunities for further growth as separate listed entities," says Joakim Olsson, president and CEO of Haldex.

"The result is two companies with strong balance sheets, well positioned for future profitable growth providing long-term shareholder value."

CVS will continue to operate under the Haldex name and hydraulics systems will change name and operate under the name Concentric.

The latter has developed its own standalone financial targets and strategy, but the management is carried over from the hydraulics system division.

Author
John Challen

Related Companies
Haldex Ltd

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