• Saab Automobile transmissions development divested to new company fully owned by investor consortium and staffed by former Saab Automobile engineers
• New company called VICURA will focus on transmission technology development for the international vehicle industry
• Next step in Saab Automobile restructuring secures more efficient operations
• Agreement allows Fouriertransform to secure strong engineering base and further develop competitive edge for Swedish vehicle industry
Trollhättan, Sweden: Saab Automobile is continuing to streamline its operations by transferring its transmissions development work to a new company wholly owned by a consortium led by the Swedish state-backed venture capital investor Fouriertransform.
The new company, called VICURA and to be formally established on January 1, will be staffed by more than 50 former Saab Automobile Powertrain engineers and will develop transmission systems for the international automotive industry, including Saab Automobile. The company will be headquartered in Trollhättan.
The agreement with Fouriertransform is the next step in Saab Automobile’s restructuring towards becoming a successful, stand-alone company and will make Saab Automobile’s organization operate more efficiently.
Announcing the deal, Saab Automobile CEO Jan Åke Jonsson said: “I am delighted to reach this agreement with Fouriertransform. This step, together with other initiatives, will drive down our break-even point and improve operational efficiency as we work towards becoming a profitable, independent company.”
Per Nordberg, CEO at Fouriertransform, said: “The trend of outsourcing of transmission development is definitively increasing. For Sweden and the Swedish automotive industry as a whole, it is vital to maintain and further develop high competence within this field and that is exactly what these skilled former Saab engineers will offer as consultants in this competitive vehicle market.”
Note to Editors:
Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft Company), was founded in 1937 as an aircraft manufacturer and revealed its first prototype passenger car 10 years later after the formation of the Saab Car Division. In 1990, Saab Automobile AB was created as a separate company, jointly owned by the Saab Scania Group and General Motors, and became a wholly-owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V. of the Netherlands, acquired the company from GM as an independently-run business.
Saab cars reflect the brand’s unique Scandinavian design ethic, which is fused with its aircraft engineering heritage. The company is a global premium car maker with a distinguished history of innovation. It is recognized for its pioneering role in turbocharging, as well as occupant safety and the introduction of flex-fuel technology through Saab BioPower. Saab Automobile AB currently employs approximately 3,800 staff in Sweden, where it operates world-class production and technical development facilities at its headquarters in Trollhättan, 70 km north of Gothenburg.
Fouriertransform is a state-owned venture capital company with a task to, on a commercial basis, strengthen the international competitiveness of the Swedish automotive cluster. The company has a total investment framework of SEK 3 billion and, in addition to providing capital, its well-qualified employees and network of experts contribute their own expertise.
Contact:
Saab Automobile Press Office Tel: +46 (0)520 279797
Carl Backman Investment Director Fouriertransform Tel: + 46 (0) 703 97 90 05
Didier Schreiber Investment Director Fouriertransform Tel: + 46 (0) 733 23 26 09
http://media.saab.com/
http://fouriertransform.se
Last updated
2010-12-22