NKT Holding ups FY pretax guidance as relocates production in Cologne |
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Published
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Mon, 26 Nov 2007 11:18
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COPENHAGEN (Thomson Financial) - Danish conglomerate NKT Holding AS said it is raising its full-year pretax profit guidance to around 1 bln dkr from 925-950 mln dkr as its NKT Cables unit is selling its existing production facilities in Cologne and moving to a new location.The sale of the facility will have a 260 mln dkr positive liquidity effect and generate pretax profit of 60-70 mln dkr in the fourth quarter 2007, and the group hence raises its profit outlook.NKT Holding further said it will invest 750-850 mln dkr during 2008-2010 in new production facilities in Cologne, which will give direct access to ports on the Rhine river.'Assuming all contracts are finalised and signed, NKT Cables will commence the establishment of the company's new production facilities and start planning the relocation of its 500 employees at the start of 2008,' the group said.It added NKT Cables' production capacity for high voltage cables will be 'significantly enlarged' as a result of the new plant.gustav.sandstrom@thomson.comgs/jrrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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