Kongsberg Automotive completes the sale of Light Duty Cables business unit to Suprajit Engineering Limited
Zurich, April 6, 2022: Kongsberg Automotive has completed the sale of its Light Duty Cables (LDC) business unit to Suprajit Engineering Limited (‘Suprajit’).
The LDC business unit is engaged in the development, manufacture and sales of world-class mechanical and electro-mechanical light-duty cables used in the automotive industry and off-highway applications. Kongsberg Automotive and Suprajit entered into a definitive agreement on October 28, 2021, and the transaction closed on April 6, 2022 for an enterprise value of EUR 37.7 million.
“The sale of the LDC business unit allows us to consolidate our ambitions to become stronger and second to none in our future focus areas—on-highway and off-highway,” said Joerg Buchheim, President & CEO of Kongsberg Automotive.
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle industry. We drive the global transition to sustainable mobility by putting engineering, sustainability, and innovation into practice. Headquartered in Zurich, with revenues of over EUR 830 million, the company’s 5,700 employees are spread over 18 countries worldwide. Our product portfolio includes driver and motion control systems, fluid assemblies, and industrial driver interface products. Find more information at: kongsbergautomotive.com
Therese Sjoborg Skurdal
+47 982 14 059
The information in this announcement is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Kongsberg Automotive's Corporate Communication contact as set out above.
This announcement contain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "should" and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, which in turn may be based on further assumptions. Although Kongsberg Automotive believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors that are difficult or impossible to predict and are beyond its control. Various factors could cause Kongsberg Automotive's actual results to differ materially from those projected in a forward-looking statement. No assurances can be given that the assumptions underlying the forward-looking statements prove to have been correct. Kongsberg Automotive disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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