Stockholm, June 16, 2011 - NASDAQ OMX (NASDAQ:NDAQ) announced that Concentric AB (short name: COIC), a mid cap company within the Industrials sector, today starts trading of its shares on the main market of NASDAQ OMX Stockholm. Concentric AB is the former Hydraulics Division of Haldex AB (short name: HLDX) and as of today a separately listed company.
Concentric produces and sells a range of products based on its core technical competence in pumps, to OEMs (Original Equipment Manufacturers). The main products are oil pumps, water pumps, fuel transfer pumps and hydraulic pumps. Concentric's solutions allow its global customers to achieve goals on fuel economy, emissions reduction and noise control. For more information visit: www.concentricab.com.
Concentric's CEO Mr. Ian Dugan, said: We will use our market leading positions in both diesel engines and hydraulic pumps to take full advantage of the strong underlying market growth and increasingly stringent environmental demands. At the same time we will continue to maintain a competitive cost structure and maximize operational leverage to drive profit margin and cash conversion. As a publically listed company we will have a direct link to the shareholders who support our business."
Jenny Rosberg, Senior Vice President at NASDAQ OMX said: "Concentric is a global leader in its field and will make a valuable addition to our world-leading portfolio of industrial companies. Now we look forward to supporting Concentric with the liquidity and investor visibility advantages that come with a main market listing at NASDAQ OMX.
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