29 Nov 2023
Swedish group divested majority of oil & gas operations in 2021
Trelleborg, Sweden – Trelleborg Group is divesting a US-based operation serving the offshore oil & gas industry,the Swedish polymer group has announced.
In a 27 Nov statement, Trelleborg noted that it had divested the majority of its operations in this industry sector in 2021.
Based in Toledo, Ohio, the operation is part of the Trelleborg Industrial Solutions business area and reported annual sales of SEK30 million (€2.6 million) in 2022.
The move will contribute positively to cash flow but will entail a non-cash capital charge of SEK90 million, to be recognised in the fourth quarter of 2023.
The operation develops and manufactures primarily ceramic macrospheres and buoyancy modules for use in offshore oil & gas extraction.
The buyer is the is a company active in offshore oil & gas and intends to “continue developing operations,” according to Trelleborg president and CEO Peter Nilsson.
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