Press releases
Duroc Rail in a strategic partnership with LKAB
Duroc has entered into a strategic partnership with LKAB, which aims to jointly develop the offer within maintenance of railway wheels and related components. The collaboration implies that LKAB acquires 49 percent of the shares in Duroc Rail AB (Rail), for a preliminary purchase price amounting to approximately MSEK 75 and will together with Rail develop and build a “state of the art” production facility in Luleå.
Griffine launches insolvency proceedings
Duroc's wholly owned subsidiary Griffine Enduction S.A. with operations in France, launches a "redressement judiciaire", a form of reconstruction process in accordance with French insolvency law. Write-downs of the total value of Griffine in the consolidated income statement have already been carried out in the previous quarter. For Duroc, the process means that a significant source of loss disappears and that the financial key figures are strengthened pro forma.
Update from Duroc
· SECOND QUARTER EARNINGS DEVELOPMENT – CONTINUED UNFAVORABLE CONDITIONS IN LARGE PARTS OF THE GROUP, LOW NET DEBT MAINTAINED · INSURANCE SOLUTION FOR THE PENSION LIABILITY IN IFG IN PLACE – RISK ELIMINATION AND SIGNIFICANT POSITIVE EFFECT ON CASH FLOW FROM OPERATIONS · THE DEVELOPMENT IN THE FRENCH SUBSIDIARY GRIFFINE SA – DIVESTMENT PLANNED RESULTING IN A NOTABLE PROFIT INCREASE · THE FUTURE –AMPLE ROOM WITH A FOCUS ON LONG-TERM VALUE GROWTH