Nobia forms joint venture in Lithuania

Nobia is to start cooperating with Libra Group of Lithuania in a joint venture. Nobia will own 45 percent of the new company, which will have the task of producing solid wood fronts. The cooperation forms part of Nobia's strategy to move purchasing to low-cost countries.

 

Nobia's capital investment amounts to maximum EUR 0.5 million, which Nobia will inject into the new company in the form of share capital.

 

Libra Group operates in the areas of solid wood woodworking. The company has three divisions: furniture, flooring and industry service. Libra Group's sales in 2003 are expected to amount to EUR 100 million and the company has 1500 employees. It has been growing at a rate of 30 percent per year for the past five years.

 

Nobia AB

21 November 2003

 

Further information:
Fredrik Cappelen, President and CEO, tel. +46 (0)8-440 16 00
Katarina Sivander, Communications Manager, tel. +46 (0)8-440 16 07

See also Nobia's website: www.nobia.se

 

Nobia is Europe's leading kitchen interiors company. The Group operates in a number of European markets under strong brand names. Nobia's own specialist kitchen stores and franchise stores are responsible for most of the Group's sales. Nobia is leading the consolidation of the European kitchen market and creating profitable growth by making efficiency improvements and acquisitions, taking an industrial approach. The Group had sales of approx. SEK 9.6 billion in 2002 and has around 5,700 employees. Nobia is listed on the Attract 40-section of Stockholmsbörsen's O-list.

 

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