Scana Industrier ASA, dispose of Scana Machining AB

Scana Industrier ASA has Sunday evening 8^th of February entered into a "Share Purchase Agreement" with Motala Verkstad Group AB (MVG) regarding a dispose of Scana Energy ABs 100% equity share interest in Scana Machining AB.

Closing of the transaction will take place Tuesday 1^st of March. New owner will take responsibility for the companys obligations and the new owner will immediately take full responsibility for daily operation of the company together with the existing organization. MVG will establish a larger machinery center in Scana Machining's premises by moving its own equipment. Scana Energy will enter into cooperational agreement with MVG.

Scana Machining AB was acquired by Scana Industrier in 2011 and is located at Kristinehamn, Sweden. Machining had in 2014 a turnover of NOK 64 million and a loss before tax of NOK 35 million.

The sale will result in an accounting loss of approximately NOK 15 million for Scana.

Scana Machining has over the last years inflicted significant losses to the Group and the transaction decreases Scanas liquidity- and operational risks together with   reduced bank guarantee exposure.

For further information please contact:
Mr. Bjørn Torkildsen, CEO Scana industrier ASA, Mobile [phone]
Mr. Kjetil Flesjå, CFO Scana Industrier ASA, Mobile: [phone]
Mr. Leif A Rosèn, Investment Director, Scana Energy AB, Mobile: [phone]

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Scana Industrier asa via Globenewswire

HUG#1984235