Opcon Rises Most in a Year After Sale of Unit: Stockholm Mover
Opcon AB (OPCO), a Swedish maker of energy- saving technology, rose the most in more than a year in Stockholm trading after saying it agreed to sell business unit Engine Efficiency with production sites in Sweden and China.
The shares gained as much as 44 percent, the biggest intraday advance since Oct. 24, 2011. Opcon had increased 32 percent to 1.46 kronor as of 2:39 p.m. local time.
The buyer, investment fund Perusa Partner Fund 2, will pay about 218.3 million kronor ($32.6 million) for the business, of which 90 million kronor is in cash, Opcon said today in a statement. The purchase sum also includes taking over external debt and may be adjusted by 10 million kronor based on performance. The sale strengthens Ocpon’s financial situation and allows it to focus more on energy and environmental technology, the company said.
“We are step by step forming an Opcon with greater focus,” Chief Executive Officer Rolf Hasselstrom said. The sale of the unit’s two production sites also means streamlining and cost cuts in the administration on the group level, he said.
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