Saab Automobile and Fouriertransform in Transmissions Engineering Agreement

TROLLHÄTTAN, SWEDEN – December 29, 2010: Saab Automobile is continuing to streamline its operations by transferring its transmissions development work to a new company wholly owned by a consortium led by the Swedish state-backed venture capital investor Fouriertransform.

The new company, called VICURA and to be formally established on January 1, will be staffed by more than 50 former Saab Automobile Powertrain engineers and will develop transmission systems for the international automotive industry, including Saab Automobile. The company will be headquartered in Trollhättan.

The agreement with Fouriertransform is the next step in Saab Automobile’s restructuring towards becoming a successful, stand-alone company and will make Saab Automobile’s organization operate more efficiently.

Announcing the deal, Saab Automobile CEO Jan Åke Jonsson said: “I am delighted to reach this agreement with Fouriertransform. This step, together with other initiatives, will drive down our break-even point and improve operational efficiency as we work towards becoming a profitable, independent company.”

Per Nordberg, CEO at Fouriertransform, said: “The trend of outsourcing of transmission development is definitively increasing. For Sweden and the Swedish automotive industry as a whole, it is vital to maintain and further develop high competence within this field and that is exactly what these skilled former Saab engineers will offer as consultants in this competitive vehicle market.”