eng

Korsnäs invests to reduce energy costs

9/8/2008 8:00 AM

Investment AB Kinnevik (publ) ("Kinnevik") today announced that the Boards of Directors of Kinnevik and Korsnäs AB have decided to invest approximately SEK 640 million in an evaporation plant.
 
The investment will be initiated immediately and the evaporation plant is expected to be ready for start up in the autumn of 2010. Evaporation is a highly energy intensive process and the new plant is expected to reduce energy costs substantially. In total, the new investment is expected to result in cost savings of around SEK 130 million on an annual basis with full effect from 2011. The investment will have an impact on the cash-flow in 2009 and 2010.
 
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Investment AB Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The Parent Company manages a portfolio of investments focused around three comprehensive business areas; Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs, and New Ventures which is active in finding new investments in small and mid sized companies which has a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.
Investment AB Kinnevik's class A and class B shares are listed on the Stockholm Stock Exchange's Nordic list for large-cap companies within the financial and real estate sector. The ticker codes are KINV A and KINV B.