STOCKHOLM, Sweden, Sept. 22, 2003 (PRIMEZONE) -- The Trelleborg Group (Other OTC:TBABF) has now received approvals from those regulatory authorities necessary to complete the acquisition of Smiths precision seal business, including the regulatory authorities of EU and US. The acquisition is, as earlier communicated, expected to be completed by end of September.
PSS has annual sales of approximately SEK 5.5 billion and some 6,000 employees, mainly in Europe and North America. Following the acquisition, the annual sales of the Trelleborg Group are expected to total SEK 22.5 billion, with approximately 21,000 employees in some 40 countries.
PSS develops, manufactures and markets security-critical polymer-based precision seals and systems. PSS operates primarily within four market segments: industrial applications (Busak+Shamban), the automotive industry (Dowty Auto), the aerospace industry (Shamban) and pipe seals (Forsheda). PSS is among the three market leaders in Europe or the US in all four of these segments and holds a leading position in the industrial segment in Europe.
Trelleborg is a global industrial group. Operations are based on spearhead competence within polymer materials and a high level of industrial know-how, combined with functional solutions and systems designed to meet the needs of our customers. The Trelleborg Group has annual sales of approximately SEK 17 billion, with about 15,000 employees in 40 countries. Trelleborg consists of four business areas: Trelleborg Automotive, Trelleborg Wheel Systems, Trelleborg Engineered Systems and Trelleborg Building Systems. The Trelleborg share has been quoted on the A list of Stockholmsborsen since 1964.
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