STOCKHOLM, Sweden--(BUSINESS WIRE)--Following clearance from competition authorities, the previously announced divestment of the Traction Systems Division was closed on 31 January 2011.
"We are very pleased with the successful divestiture of Traction Systems Division to BorgWarner, which provides a good, strategic fit. BorgWarner is a financially strong and experienced owner with the resources to accelerate its growth in the all wheel drive market", says Joakim Olsson, CEO of Haldex.
"This is also a very good solution for our shareholders. The purchase price of SEK 1,425 m reflects the quality of Traction's business and the future earnings potential with the new owner".
Haldex (www.haldex.com (http://www.haldex.com/)), headquartered in Stockholm, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock Exchange and had net sales of nearly 5.5 billion SEK in 2009. The number of employees amounts to about 4,000.
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