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 (https://www.kongsbergautomotive.com/)
Media contact:
Kongsberg Automotive
Therese Sjoborg Skurdal
therese.skurdal@ka-group.com
+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.
Forward-looking statements
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as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will",
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result of new information, future events or otherwise.