Fiskars
Fiskars and Investor join interests to create a strong owner for Wärtsilä

Fiskars 

24.04.2012 08:15

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Fiskars Corp.       Stock Exchange Release    April 24, 2012   at 09.15 am EET

Fiskars Group and Investor AB have agreed to join interests to create a strong
long-term owner for Wärtsilä Corporation. Fiskars Group and Investor have
agreed to merge their ownership interests through a joint venture and to
together develop the ownership strategy. The joint venture, today representing
19.44 percent of the shares and votes in Wärtsilä, will be a committed owner
with a long-term horizon that will enhance the development of Wärtsilä's
business and shareholder value. The legal merging of Fiskars Group's and
Investor AB's interests will take place in due course, but the parties will act
in concert concerning the Wärtsilä ownership as from today. 

Fiskars' subsidiary Avlis AB currently holds 13.00 percent of the shares and
votes in Wärtsilä, after having sold 2.08 percent of the shares in Wärtsilä to
Investor for a consideration of EUR 126.8 million. Including the purchase from
Avlis AB, Investor AB has acquired a total of 12,701,821 shares in Wärtsilä 
during the past three quarters, representing 6.44 percent of the capital and
votes respectively, for a total consideration (dividend adjusted) of EUR 316.7
million. 

The joint venture has no effect on other assets previously held by Avlis, such
as Iittala Group, which will continue to be fully owned and controlled by
Fiskars. 

Over time, the parties may, through the joint venture, consider increasing
their holding in Wärtsilä subject to general market conditions and Wärtsilä's
development. However, there is no intention to make a bid on Wärtsilä and the
joint ownership will accordingly remain below 30 percent under current
strategy. 

'Fiskars and Investor share common values and views regarding industrial
responsible ownership and value creation, and we believe that an even stronger
committed owner will benefit Wärtsilä. Fiskars' vision is to become the
number-one specialist company for the home, garden, and outdoors, and we have a
clear ambition to grow. This transaction will strengthen Fiskars Group's
financial position and thus enable Fiskars to accelerate its growth both
organically and through acquisitions,' comments Kaj-Gustaf Bergh, Chairman of
the Board of Fiskars Group. 

'We have followed Wärtsilä closely for quite some time and we strongly believe
in the company's long-term prospects. Wärtsilä is active in sectors with
attractive long-term growth potential, has leading global market positions,
high emerging market exposure and a large aftermarket business. Through our
industrial network and experience from the engineering sector, we look forward
to developing Wärtsilä further as a core investment in partnership with
Fiskars', says Investor AB CEO Börje Ekholm in a comment. 

As part of the agreement;

  -- Fiskars' subsidiary Avlis AB has sold 2.08 percent of the shares in
     Wärtsilä to Investor AB at a price of EUR 30.90 per Wärtsilä share,
     totaling approximately EUR 126.8 million. Fiskars Group will record a
     non-recurring profit of around EUR 87 million in its Q2 2012 results from
     the transaction.
  -- The parties' joint Wärtsilä holding today amounts to a total of 38,343,168
     shares in Wärtsilä, representing 19.44 percent of Wärtsilä's shares and
     votes.
  -- Both Fiskars and Investor expect to be represented in the Wärtsilä board
     from 2013.
  -- The parties expect through the joint venture to form common view on
     decisions concerning their shareholding and use of voting rights in
     Wärtsilä.
  -- The joint venture company to hold the parties' Wärtsilä shares will be
     owned by Fiskars Group and Investor in relation to their respective
     contribution and acquisition of Wärtsilä shares; Today Fiskars ownership
     represents 66.9 percent and Investor's 33.1 percent.
  -- The parties have agreed also on other typical provisions customarily
     included in shareholders' agreements governing similar joint venture
     arrangements.

Fiskars has been a longstanding owner in Wärtsilä and Wärtsilä represents a
part of Fiskars portfolio as its associated company. Wärtsilä will continue to
form one of Fiskars' reported operating segments and to be treated as an
associated company, as Fiskars considers that it continues to have a
significant influence in Wärtsilä. Following the sale of 2.08 % of Wärtsilä
shares to Investor, Fiskars holding in Wärtsilä amounts to 13.00 % of the
shares and votes. The market value of Fiskars Group's Wärtsilä shares is EUR
724.1 million (or EUR 8.84 per Fiskars share) based on the closing price of
April 23, 2012 and the book value of the shares is EUR 245.8 million. 


FISKARS CORPORATION

Board of Directors


Further information:

Kaj-Gustaf Bergh, Chairman of the Board, Fiskars Corporation
Mobile. +358 40 524 7730, tel.  +358 9 642 315

Oscar Stege Unger, Head of Corporate Communications Investor AB,
Phone +46 8 614 2059, +46 70 624 2059

Magnus Dalhammar, Investor Relations Manager Investor AB,
Phone +46 8 614 2130, +46 735 24 2130


About Fiskars
Fiskars is a leading global supplier of consumer products for the home, garden
and outdoors. The group has a strong portfolio of respected international
brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on
NASDAQ OMX Helsinki, Fiskars is Finland's oldest company. Fiskars recorded net
sales of EUR 743 million in 2011, and employs some 3,400 people in over 20
countries. www.fiskarsgroup.com 


About Investor AB
Investor is the leading owner of Nordic-based international companies, founded
by the Wallenberg family a hundred years ago. We own significant minority or
majority interests in high quality companies. Through our participation on the
boards of directors, we work for continuous improvement of the performance of
the companies. With our industrial experience, network and financial strength
we strive to make our companies best-in-class. Our Core Investments include
among other the listed holdings Atlas Copco, ABB, SEB, Ericsson and the
operating subsidiary Mölnlycke Health Care. www.investorab.com
News Source: NASDAQ OMX



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Language:     English
Company:      Fiskars
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009000400
WKN:          
 
End of Announcement                             DGAP News-Service
 
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