Fortum has agreed to sell its 47.9% ownership of the Swedish energy company Härjeåns Kraft to the Finnish energy company Oy Herrfors Ab, a subsidiary of Katternö Group. The divestment is in line with Fortum's aim to strengthen its strategic focus by divesting non-core assets, for example minority shareholdings, and is part of the company's efficiency programme launched in October 2012.
The sales price is SEK 445 million (approximately EUR 52 million) and the transaction is estimated to be completed at the beginning of July. Fortum will book a sales gain of approximately EUR 15 million to its Distribution business area's third quarter 2013 financial result.
Fortum has been a minority shareholder in Härjeåns Kraft since the late 1990s. Härjedalen municipality owns 36.6% of the company, and 15.5% of the shares are owned by private shareholders.
Härjeåns Kraft distributes electricity to 26,700 customers in Central Sweden, and generates power with its nine hydropower plants. The company is also an electricity retailer. Härjeåns Kraft has 90 employees and its net sales in 2012 were SEK 597 million (approximately EUR 70 million).
Bengt Johansson, Head of Regulation and Legal, Distribution Sweden, Fortum Corporation, tel. +46 706 541 197
Anna Lidberg, Head of Communications in Sweden, Electricity Solutions and Distribution division, Fortum Corporation, tel. +46 702 159 626
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.
Further information: www.fortum.com