2008-07-21 - Saab sells space to RUAGSaab sells space activities to RUAG
RUAG übernimmt schwedische Raumfahrtfirma<br /> Saab AB divests 100 percent of the shares in Saab Space AB including its subsidiary Austrian Aerospace to the Swiss company RUAG Holding AG. The divestment requires approval of competition authorities before completion.
"As early as in November 2007, Saab concluded that there were reasons to consider a sale. Saab Space is well managed and profitable, but we have not been able to reach sufficient synergies with other operations within Saab and as a result not the desired possibilities of growth and profit. It was considered to be a good time to act since a consolidation process in the European space industry is ongoing. "At Saab we put up two conditions to carry through a sale: To find a professional buyer with the ambition to further develop the operations and to get a fair price.
"With RUAG we have been able to reach an agreement that fulfils both conditions. The price is acceptable and RUAG is a company that in our view has the capability of further developing the operations of Saab Space and Austrian Aerospace." says Saab CEO Åke Svensson. The purchase price for the shares amounts to 335 MSEK. In addition to the fixed purchase price, Saab is entitled to an additional consideration related to the long-term positive performance of Saab Space. The transaction will generate a capital gain to Saab during 2008 of approximately 100 MSEK.