Finland: ASPO Completes Autotank Sale to Gilbarco Veeder-Root
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Friday, 22 August 2008 |
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The entire share capital of Autotank Ltd was transferred to Gilbarco Veeder-Root this week.
Gilbarco and ASPO signed the agreement on the sale on June 26, 2008 (see PetrolWorld breaking news story ). The debt-free value of the group was EUR 28 million. The deal will result in a non-recurring gain of approximately €9 million, which will be recorded in the result of Aspo's discontinued operations.
The sale of the Autotank Group was part of Aspo's restructuring program. The strengthening of Aspo's financial position will enable us to focus on the development of our core businesses. Further, the transaction will also serve to simplify the corporate structure of the Aspo Group.
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