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STIMULUS FUNDS * Sweden * Tries Venture Capital Approach to Salvage Auto Industry
Stockholm,Sweden -Bloomberg/Business Week, by Ola Kinnander/David Risser & Kenneth Wong -February 26, 2010: -- A venture-capital firm created by the Swedish government to revitalize the country’s struggling auto industry aims to make at least a dozen investments this year as private-equity firms withhold financing... More than 50 companies have come to Fouriertransform AB looking for money, and the firm plans to look proactively for targets, Chief Executive Officer, Per Nordberg, said. Fouriertransform made its first investment in October and wants to buy stakes in one or two companies a month, he said... Fouriertransform received 3 billion kronor ($419 million) last year and has funneled a total of 260 million kronor to four private companies and NovaCast Technologies AB, a publicly traded manufacturer of tool and die products for car parts. The approach fills a void created by the reluctance of private- equity companies to make automotive investments... In Sweden, as many as 40,000 automotive workers out of a pre-crisis 140,000 have lost their jobs, according to Aleksandar Zuza, an auto analyst at IF Metall, the industry’s main union. About half the losses have been at suppliers, he said. Truckmaker Volvo AB has trimmed positions, as have Volvo Cars and Saab Automobile...
Labels: governments stimulus funds
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