Board/Management Information • Sep 2, 2022
Board/Management Information
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Kongsberg Automotive merges Fluid Transfer Systems and Couplings business units
Zurich, September 2, 2022: Kongsberg Automotive ASA (KA) has merged Fluid
Transfer Systems (FTS) and Couplings business units to create a new 'Flow
Control Systems' business unit.
KA's FTS business unit supplies PTFE hoses and hose assemblies to various
industrial and automotive markets. KA's Couplings business unit is a leader and
supplier of compressed air couplings to the global commercial vehicle market.
This merger, along with the recent divestments, is in line with KA's Shift Gear
transformation program that aims to modernize the company's product portfolio
with the target to increase profits towards a double-digit margin by 2024/25.
The new Flow Control Systems (FCS) business unit, led by Linda Nyquist-Evenrud,
allows KA to focus on its new mission to become a true global leader by putting
engineering, sustainability, and innovation into practice to provide intelligent
systems solutions. This adds significant value to our customers' applications
and increases their competitiveness. With FCS, KA can better streamline work
processes, optimize cost, and centralize product development, and focus more on
cross-technologies, such as Thermal Management Systems and Air Suspension
Systems for passenger cars.
The new FCS business unit will bring together technology know-how, and years of
experience from both FTS and Couplings to boost systems innovation within KA as
the company focuses on electrification, digitalization and sustainability. With
this integration, FCS can actively support customer requirements and increase
our market success rate, as well as help the company achieve a targeted revenue
of approximately EUR 400 million by 2025.
"The creation of Flow Control Systems business unit will transform the company
from being a components provider to becoming a systems provider," says Joerg
Buchheim, President & CEO of KA adding, "An integrated business unit will allow
KA to create better synergies in knowledge, administration, marketing, and
supply chain and makes us more prepared in reacting to market volatility and
vulnerabilities."
"The automotive market is transforming, and we see increased synergies-this
merger will increase our competitiveness and ensure that we grow above market
rates," says Linda Nyquist-Evenrud, Executive Vice President FCS, adding, "I
have had an incredible journey in KA since 2008 and this new assignment is
another great challenge that I am looking forward to."
The merger of FTS and Couplings is expected to complete in October 2022.
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle
industry. We drive the global transition to sustainable mobility by putting
engineering, sustainability, and innovation into practice. Our product portfolio
includes driver and motion control systems, fluid assemblies, and industrial
driver interface products. Find more information at: kongsbergautomotive.com
Media contact:
Therese Sjoborg Skurdal
+47 982 14 059
Investor Relations:
Mads Langaard
+47 905 81 264
Forward-looking statements
This announcement contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and may be identified by
words such as "believe", "expect", "anticipate", "strategy", "intends",
"estimate", "will", "may", "should" and similar expressions. The forward-looking
statements in this announcement are based upon various assumptions, which in
turn may be based on further assumptions. Although Kongsberg Automotive believes
that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors that are difficult or impossible to
predict and are beyond its control. Various factors could cause Kongsberg
Automotive's actual results to differ materially from those projected in a
forward-looking statement. No assurances can be given that the assumptions
underlying the forward-looking statements prove to have been correct. Kongsberg
Automotive disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
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