Investment AB Kinnevik (publ) ("Kinnevik") today announces that as a result of a weakening demand in all product segments the production stoppages in Korsnäs in the fourth quarter will exceed the previously planned 12 days, which will impact profitability in the fourth quarter.
The result in the fourth quarter 2008 will be impacted by the maintenance stoppages implemented according to plan, prolonged market-related stoppages and write-downs and is expected to amount to minus SEK 70-90 million. In addition, the previously communicated provision to meet staff reductions of approximately SEK 75 million will be taken in the fourth quarter.
For further information, visit www.kinnevik.se or contact:
Christer Simrén, CEO of Korsnäs AB
+46 (0)26 15 10 00
Torun Litzén, Director Investor Relations
+46 (0)8 562 000 83
+46 (0)70 762 00 83
Investment AB Kinnevik (publ)'s objective is to increase shareholder value, primarily through net asset value growth. The company's operations include three comprehensive business areas; Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs, and New Ventures which is active in finding new investments in small and mid sized companies with a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.
Kinnevik is domiciled in Stockholm. The Kinnevik class A and class B shares are listed on OMX Nordic Exchange Stockholm, Large Cap segment, within the financial and real estate sector. The ticker codes are KINV A and KINV B.