1/27/2011 11:00 AM Ahlsell sells Oil & Gas business

An agreement has been reached with Norwegian company Stream AS wherein Ahlsell sells 100% of the shares in Ahlsell Oil & Gas AS.

The company is a key player in its product field, valves and pipes for the Norwegian offshore oil industry, with an annual turnover of around SEK 350 million, corresponding to about 7% of Ahlsell's operations in Norway.

For some time, we have defined this area as non-core business for Ahlsell. After a number of parties showed great interest in the company, this past autumn we decided to initiate a structured sales process which ultimately ended with Stream AS providing the best overall offer.

Stream AS is a company with a focus on the same market segment, but with other products in its portfolio.

There is much industrial logic to the deal and the company will be better placed to develop, says CEO Göran Näsholm in a statement.

For further information, please contact Göran Näsholm, CEO, phone +46 (0) 708 23 71 00, e-mail goran.nasholm@ahlsell.se.

Ahlsell is the leading technical trading company in the Nordic region for installation products, tools and machinery. Ahlsell offers professionals a wide range of goods and services in the product segments heating and plumbing, electrical, tools and machinery, and cooling. The Group has an annual turnover of about SEK 20 billion and some 4,500 employees.