Fiskars sells Silva to Karnell
Fiskars Corp. Stock Exchange Release July 8, 2011 at 14:30 EET
Fiskars Corporation’s wholly-owned subsidiary Avlis AB has sold the shares of its subsidiary Silva Sweden AB to the Swedish investment company Karnell. Active within the sport and outdoor equipment, such as compasses and headlamps, Silva has been a part of Fiskars’ Outdoor business area.
As a result of the sale of Silva, Fiskars will record a non-recurring operating loss of approximately EUR 6 million in the third quarter results. The sale of the shares has a positive impact on cash flow from investment activities of appr. EUR 6 million.
The Silva business is geared towards the end of the year, and the sale will reduce Fiskars July-December net sales with about EUR 12 million. The effect on Fiskars operating profit in the second half of the year is about EUR 1 million.
The net sales of the Silva business amounted to EUR 15 million in 2010 and the company employs some 220 people.
Fiskars aims at global growth through continuously simplifying structures and increasing focus on selected businesses and brands. By selling the Silva business, Fiskars will be able to focus resources towards growing its key international brands Fiskars, Iittala and in the outdoor business Gerber more effectively through widening their distribution network in key target markets and new channels.
President & CEO
CFO Teemu Kangas-Kärki, tel. +358 204 39 5703
Fiskars is a leading global supplier of consumer products for the home, garden and outdoors. The group has a strong portfolio of respected international brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on NASDAQ OMX Helsinki, Fiskars is Finland's oldest company. Fiskars recorded net sales of EUR 716 million in 2010, and employs some 3,600 people in over 20 countries. www.fiskarsgroup.com