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Year-end report 1 January – 31 December 2023
Q4 2023: A restart
Ferronordic completes acquisition of leading dealer for Volvo Construction Equipment in the USA
Ferronordic has completed the acquisition of Rudd Equipment Company, Inc. (“Rudd”), one of the largest dealers for Volvo CE in the United States, with operations in all or parts of nine states. Ferronordic thereby takes the first step to expand into the important US market.
Interim report 1 January – 30 September 2023
Q3 2023: Weak operationally. Key strategically.
Ferronordic expands to the USA – acquires one of the country’s largest Volvo Construction Equipment dealers
Ferronordic has entered into an agreement to purchase Rudd Equipment Company, Inc. (“Rudd”), one of the largest dealers of Volvo CE in the United States with operations in all or parts of nine states. Ferronordic thereby takes its first step to expand into the important US market. The purchase price amounts to USD 95.0m, corresponding to 5.8 x 2022 adjusted earnings before tax. In 2022, Rudd had sales of USD 308.3m with an operating income of USD 16.5m and earnings before tax of USD 16.4m (both adjusted to IFRS). In addition, Ferronordic acquires two real properties for USD 10m, currently rented by Rudd.
Invitation to Ferronordic’s investor presentation 16 November 2023
Ferronordic’s interim report for the third quarter 2023 will be published on 16 November 2023 at 07:30 CET. A presentation of the report will be held the same day at 10:00 CET.
Interim report 1 January – 30 June 2023
Continued focus forward
Invitation to Ferronordic’s investor presentation 17 August 2023
Ferronordic’s interim report for the second quarter 2023 will be published on 17 August 2023 at 07:30 CET. A presentation of the report will be held the same day at 10:00 CET.
Ferronordic is awarded up to EUR 23m in government subsidies in Germany for investments in electric trucks
The German Ministry for Digital and Transport has awarded Ferronordic subsidies in an amount up to EUR 23m for investing in up to 117 electric trucks. Ferronordic plans to use subsidised electric trucks from Volvo Trucks and Renault Trucks to grow its business in electric trucks rental and sustainable transport solutions.
Bulletin from Ferronordic’s Annual General Meeting (AGM) 2023
At Ferronordic’s AGM on 11 May 2023, held at Radisson Blu Strand Hotell, Nybrokajen 9, Stockholm, Thursday 11 May 2023 at 14:00, the shareholders resolved as follows:
Interim report 1 January – 31 March 2023
Milestone reached in Germany
Invitation to Ferronordic’s investor presentation 11 May 2023
Ferronordic’s interim report for the first quarter 2023 will be published on 11 May 2023 at 07:30 CET. A presentation of the report will be held the same day at 10:00 CET.
Ferronordic publishes annual and sustainability report for 2022
Ferronordic’s annual and sustainability report for 2022 has been published and is available on the Company’s website at www.ferronordic.com.
Notice of annual general meeting in Ferronordic AB (publ) 2023
The shareholders of Ferronordic AB (publ) (the “Company”) are invited to attend the annual general meeting (“AGM”) to be held at Radisson Blu Strand Hotel, Nybrokajen 9, Stockholm, on Thursday 11 May 2023 at 2 p.m.
Changes in Ferronordic’s management
Jonathan Tubb resigns from his position as Deputy Group CFO and Member of the Executive Management Team.
Changes in Ferronordic’s management
Jonathan Tubb appointed Deputy Group CFO and joins the Group Executive Management Team.
Year-end report 1 January – 31 December 2022
Ferronordic sells its Russian business
Ferronordic has divested its Russian business. The purchase price corresponds to SEK* 1,320m. Approx. SEK 230m of this amount has been used by Ferronordic AB to repay debt to the sold Russian subsidiaries. The remaining part of the purchase price has been received in euro on Ferronordic’s account in Austria. For the Group, the divestment thus entails a cash inflow of approx. SEK 1,090m. Ferronordic’s other operations in Germany and Kazakhstan are not directly affected by the transaction.
Bulletin from Ferronordic’s extraordinary general meeting (EGM) 2022
At Ferronordic’s EGM on 15 December 2022, held without physical presence pursuant to the Act on temporary exceptions to facilitate the execution of general meetings in companies and other associations (SFS 2022:121), the shareholders resolved to approve the proposal for incentive program for members of the Group’s executive and extended management teams including issuing of warrants.
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