Scanfil Finalizes Sale of Karlskoga Metal Fab Unit
KARLSKOGA, SWEDEN -- Scanfil Sweden has finalized the sale of its metal fabrication business unit here for a nominal selling price.
Closing of the sale of PartnerTech Karlskoga is subject to certain usual preconditions which are expected to be met during the next few weeks. Scanfil will take a one-time loss of approximately EUR 5 million ($5.7 million) and reduce group net debt by approximately EUR 2 million, which will be posted in the second quarter.
PartnerTech Karlskoga manufactures machined products for the defense, maritime and offshore sectors. It had 2015 sales of EUR 15.4 million and an operating loss of EUR 1.3 million. Scanfil acquired the unit as part of its acquisition of PartnerTech last year.
PartnerTech Kalskoga is one of three factories that made up the PartnerTech Metal Precision business segment. Scanfil announced in January it would discontinue Partner Tech AS's activities in Moss, Norway. Operations of that plant will be closed in May.
A third unit, PartnerTech Aerodyn, also in Karlskoga, was sold in April.
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