Thule divests its business area Towing Systems in North America>
Thule divests its business area Towing Systems in North America
(Thomson Reuters ONE) - Malmö, June 29th 2009 - Thule, the world leader in Sports and UtilityTransportation has decided to divest its North American towingsystems operations through a management buy-out. The business will betaken over by five management representatives led by current BusinessArea President George Caplea. The agreement is effective from todayJune 29th 2009."The business landscape for Valley branded towing products has gonethrough dramatic changes since we bought the operations in 2006.Towing Systems in North America are especially hit by the decline indemand", comments Thule CEO Anders Pettersson. "The Board ofDirectors has therefore taken a strategic decision to focus on salesto the aftermarket in North America for cargo and sport as well asprofessional contractor products. "Handing over the business to thecurrent management team around George Caplea will ensure that theinterests of customers, suppliers and employees are seamlessly takencare of in the best way", concludes Anders Pettersson.Thule Towing Systems with the Valley brand is currently number two inthe North American market with annual sales of approx 55 MUSD. Thuleacquired the company mid 2006 and has since then invested asubstantial amount into the restructuring of the business. During2008 manufacturing was moved from Madison Heights to Lodi,California, to better offset the volume decline in the North Americanmarket for towing systems.Thule has annual global sales of approximately 800 MUSD. One third ofGroup sales are generated on the North American market throughbusiness area Vehicle Accessories based in Seymour, Connecticut, andthrough business area Organization Solutions based in Longmont,Colorado.Buyer and seller have agreed to not disclose the purchase price.For more information please contactAnders Pettersson, CEO and President, +46 703-414150Daniel Oelker, SVP Corporate Communication, +46 730 799004About ThuleThule is the world leader in Sports and Utility Transportationoffering accessories to active families, outdoor enthusiasts andprofessionals who want to transport their equipment by vehiclessafely, easily and in style. The company has leading market positionsglobally and operates from more than 30 sites employing 3,500 people.The company has annual sales of approx 800 MUSD and is headquarteredin Malmö, Sweden. Find out more at www.thule.comhttp://hugin.info/134794/R/1325627/311844.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 30.06.2009 - 03:00 Uhr
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