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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
  Report
Delayed Nasdaq Stockholm  -  11:29 2022-12-02 am EST
57.20 SEK   -0.17%
11/23Notice of extraordinary general meeting in Ferronordic AB (publ)
AQ
11/17Ferronordic acquires workshop in Peine, Germany
AQ
11/17Ferronordic AB (OM:FNM) agreed to acquire Henrich Arnke for €0.08 million.
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Ferronordic and Volvo Construction Equipment Terminate Dealer Agreement in Russia

08/30/2022 | 02:30am EST

By Dominic Chopping


STOCKHOLM--Swedish truck-and-construction equipment dealer Ferronordic AB and Volvo AB's construction-equipment unit said late Monday that they have terminated their dealer agreement in Russia.

Ferronordic has been the official dealer of Volvo construction equipment in Russia since 2010, but as a result of the military conflict in Ukraine, the Volvo unit has suspended sales to Russia and stopped delivering machines and parts to the country.

"As all payables for delivered machines and parts have now been settled and the parties have no claims against each other, Ferronordic and Volvo CE have agreed that it is in their mutual best interest to terminate the dealer agreement for Russia," Ferronordic said in a statement.

As part of the agreement, Volvo Construction Equipment will pay 321 million Swedish kronor ($30.1 million) to Ferronordic as compensation for incurred and potential costs and losses related to the termination.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

08-30-22 0430ET

Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.24% 193.5 Delayed Quote.-7.70%
FERRONORDIC AB (PUBL) -0.17% 57.2 Delayed Quote.-83.03%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.30% 62.3 Delayed Quote.-16.50%
All news about FERRONORDIC AB (PUBL)
11/23Notice of extraordinary general meeting in Ferronordic AB (publ)
AQ
11/17Ferronordic acquires workshop in Peine, Germany
AQ
11/17Ferronordic AB (OM:FNM) agreed to acquire Henrich Arnke for €0.0..
CI
11/11Transcript : Ferronordic AB, Q3 2022 Earnings Call, Nov 11, 2022
CI
11/11Interim report 1 January - 30 September 2022
AQ
11/11Ferronordic AB Reports Earnings Results for the Third Quarter and Nine Months Ended Sep..
CI
11/08Trading in Ferronordic shares resumes on 9 November
AQ
11/04Trading suspension of the Ferronordic share
AQ
10/28Invitation to Ferronordic's investor presentation 11 November 2022
AQ
09/19Ferronordic AB(OM:FNM) dropped from S&P Global BMI Index
CI
More news
Financials
Sales 2022 6 274 M 604 M 604 M
Net income 2022 526 M 50,7 M 50,7 M
Net Debt 2022 767 M 73,9 M 73,9 M
P/E ratio 2022 1,58x
Yield 2022 4,98%
Capitalization 831 M 80,1 M 80,1 M
EV / Sales 2022 0,25x
EV / Sales 2023 0,29x
Nbr of Employees 1 840
Free-Float 64,2%
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Mean consensus BUY
Number of Analysts 0
Last Close Price 57,20 SEK
Average target price 45,00 SEK
Spread / Average Target -21,3%
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Managers and Directors
Lars Corneliusson President, Chief Executive Officer & Director
Erik Danemar Chief Financial Officer & Head-IR
Staffan Jufors Chairman
Erik Eberhardson Independent Director
Annette Brodin Rampe Independent Director