SWEDEN
Swedish Match downsizes match operations

Swedish Match has completed its restructuring plan of the match operations.

The aim of the plan has been to divest or close match operations with low profitability and lack of strategic fit with other product areas. The company previously announced the closure of the match factory in Valencia, Spain and the divestment of the majority holding in the Indian match company Wimco. In addition to these earlier announced measures, two fully owned operations have been sold, a letter of intent has been signed regarding the divestment of another operation, and an associated company was sold. Also, the remaining minority shareholding of Wimco has been sold, and an announcement has been made with regard to the closure of another match factory.
Swedish Match at year-end sold its Arenco subsidiary, with manufacturing units in Kalmar and Halmstad, Sweden and Shanghai, China. Arenco manufactures machines for match manufacturing and packaging. In addition to the sale of Arenco, Swedish Match has divested its distribution company in Ireland.
Swedish Match has signed a letter of intent to sell its European advertising match business and advertising lighter business, which includes a production facility in Hungary. In addition, the partly owned match company Jamafac in Indonesia has been sold and the sale of the minority shareholding of Wimco to Indian Tobacco Company (ITC) has been concluded.
Decision has also been made to close the match manufacturing facility in Turkey.
The restructurings described above are estimated to impact operating profit negatively with costs, net, of approximately SEK 100 million including certain write-down of intangible assets in the fourth quarter, 2005. The total sales price for the divested operations amounts to approximately SEK 270 million.
Annual sales of the divested match operations amounts to approximately SEK 600 million as well as approximately SEK 250 million within other operations with a negligible impact on operating income for the group. (ci)

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