Saab intends to increase cooperation with Grintek
Saab intends to increase cooperation with Grintek Saab and Grintek have today announced their intention to increase cooperation, whereby Saab is to acquire just over 20% of Grintek. The acquisition is dependent on Grintek shareholders' approval of the deal, and a decision is expected by mid January 2004. Grintek Ltd supplies electronics-related products and services to sectors within telecommunications, defence, mining, avionics, air traffic management, security and power utilities markets in South Africa and selected export markets. The Group is listed on the Johannesburg Securities Exchange and has a market value of around ZAR 600 million. Grintek has approximately 1,300 employees, many of whom are engineers and technicians. Saab and Grintek already cooperate in Grintron Pty Ltd, with Grintek Ltd owning 51% and Saab 49% of the stock. Grintron operates in the defence segment in South Africa and on the export market. Saab is one of the world's leading high-technology companies, with its main operations focusing on defence, aviation and space. The Group covers a broad spectrum of competence and capability in systems integration. Saab develops, manufactures and delivers advanced products and services for the defence market, as well as for those commercial markets where there is a clear demand for its capabilities. Saab has the world as its market, but research, development and production are carried out principally in Sweden. The Group has a total of approximately 14,000 employees. Total annual sales are in the region of MSEK 17,000. Research and development corresponds to about 25 per cent of net sales. For further information please contact: Iréne Svensson, Group Senior Vice President, Corporate Communications & Public Affairs, Saab AB Tel. +46 (0)8-463 01 30, +46 (0)734-18 71 30 www.saab.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/12/12/20031212BIT00660/wkr0001.doc http://www.waymaker.net/bitonline/2003/12/12/20031212BIT00660/wkr0002.pdf