Nordea and Danske Bank set to rebuild FLS fortunes

Nordea and Danske Bank set to rebuild FLS fortunes
Published: 16 August 2004

Nordea and Danske Bank are set to help rebuild the fortunes of FLS Industries, the Danish engineering group and once held in high esteem by the country’s industrialists.Nordea and Danske, also lenders to FLS, advised it on the sale of Portland and Unicorn, its cement and ready-mix concrete businesses, to Cementir, Italy’s fourth-biggest cement producer for Dkr 4.4bn (€572m).

FLS said it is now debt-free and will seek acquisitions. A source close to FLS said that Nordea and Danske are its regular advisers. FLS, once a jewel in the crown of Danish industry, has lost its status in the past decade as a bitter family feud and excessive and costly diversification have resulted in heavy losses and frequent management changes.