The divestment agreement, which was signed in November 2015, is based on an enterprise value of CHF525 million. The business has about 1600 employees, and had revenues of around SEK3100 million in 2015.

Oerlikon CEO Dr Roland Fischer said: “We continue to execute on our strategic agenda to focus our business on surface solutions and advanced materials. According to plan the closing of this important transaction will be at the end of August and the expected net cash proceeds of around CHF330 million will provide us with additional flexibility for our strategic way forward.”