· Studsvik is to sell its operations in Erwin and Memphis, its holding in Semprasafe and parts of the THOR patents to EnergySolutions
· The purchase price for the transaction will be USD 23 million
· The positive cash flow effect is SEK 88 millionStudsvik has signed an agreement with the American company EnergySolutions on the sale of Studsvik's operations in Erwin and Memphis, as well as its holding in Semprasafe. As part of the transaction Studsvik will also transfer patents referring to THOR technology in China and give EnergySolutions the right to use the patents in the commercial market in North America. Studsvik retains patents and rights on other markets.
Studsvik’s continuing commitments in the USA include engineering and consulting operations, the part-owned company TTT and Studsvik Scandpower, which is a leader in software for fuel optimization and core monitoring.
The transaction will be for a purchase price of USD 23 million and will give a positive cash flow of SEK 88 million.
“The sale of the American operations will improve our financial situation and reduce the exposure towards the challenging American market. All in all, the transaction means that Studsvik will be a more stable company with potential for increased margins and growth,” comments Michael Mononen, President and CEO of Studsvik AB.
EnergySolutions is expected to take over the sold operations on March 1, 2014. The purchaser is responsible for the results of the acquired operations from January 1, 2014.
For further information about the financial effects of the transaction, please see Studsvik's year-end report, which will be distributed at the same time as this press release.
A telephone conference will be held at 11.00 today CET, in which CEO Michael Mononen and CFO PÅl Jarness will report on the sale of the American operations and the year-end financial statements for 2013. For details of the telephone conference, please refer to the separate press release or www.studsvik.com.
Stockholm, February 12, 2014
Facts about Studsvik
Studsvik offers a range of advanced technical services to the international nuclear power industry in such areas as waste treatment, consulting services and operating efficiency. The company has more than 65 years’ experience of nuclear technology and radiological services. Studsvik has 1,000 employees in 7 countries and the company’s shares are listed on NASDAQ OMX Stockholm.
Studsvik is publishing this information pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The Information was released for public disclosure on February 12, 2014 at 08.00 AM CET.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
http://mb.cision.com/Main/4019/9535398/209522.pdf Press release as PDF