Uponor cancels guidance for 2013 due to change in company structure

Uponor Corporation              Stock exchange release                 1 July 2013  11.45 EET

Uponor cancels guidance for 2013 due to change in company structure

Uponor’s financial guidance for the year 2013, issued on 12 February 2013, has become void, effective 1 July 2013, as a result of the start-up of a new joint venture company, Uponor Infra Oy, combining Uponor’s and KWH Group’s infrastructure businesses. An announcement of this start-up was made earlier today.

Uponor’s guidance for 2013 stated that the company expects its ‘net sales and operating profit to show modest organic growth from 2012’. The guidance was based on the company’s then current business portfolio and organisational setup. Now that they have changed, the guidance has been correspondingly cancelled.

Due to restrictions under Finnish competition law, Uponor has not had sufficient access to KWH Pipe’s projections for the remainder of the year to be able to issue trustworthy guidance for the Group for 2013. Furthermore, the timing of the successful execution of the remedies set by the Market Court for the joint venture company is currently unknown, and could impact on the short term outlook. For the reasons stated above, Uponor plans to issue new guidance in connection with the presentation of the 2013 financial statements in February 2014.

Uponor will report its January – June 2013 interim results on Friday 26 July, at 12.00 EET. Uponor will publish pro forma data for the new infrastructure solutions segment prior to the announcement of the Q3 report.

Further information from:
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Riitta Palomäki, CFO, tel. +358 20 129 2822

Uponor Corporation

Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852

 

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Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. The Group employs approx. 3,000 persons, in 30 countries. In 2012, Uponor's net sales exceeded €810 million. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com.