2003-01-30 Shriro acquires Hasselblad, the Swedish camera manufacturer
The Shriro Group acquires the majority shareholding in Victor Hasselblad AB.
The purchase agreement was announced today at a press conference at the
Hasselblad premises in the centre of Gothenburg.
- Shriro is well-known to Hasselblad, and has succeeded very well in selling
our products into the key markets in Asia, says Goran Bernhoff, President
and CEO of Victor Hasselblad AB. Shriro is our distributor in several key
Asian markets and has, amongst other things shown its capability together
with Hasselblad in developing the Japanese and Chinese markets as major
outlets for Hasselblad.
Seven years ago Incentive (today Gambro) sold Hasselblad to UBS Capital BV
in Holland, Cinven in Great Britain and the Hasselblad management. This sale
was in line with Incentive's wish to concentrate its operations. The aim of
the purchase was to modernize Hasselblad's operations as well as to renew
the product portfolio, which has been substantially achieved.
Michael Binns, CEO of Shriro Group and Goran Bernhoff, CEO of Victor
Hasselblad AB standing by a poster of the new H1 camera.
- We buy a company in a very good condition with a new, world-leading
product on its way to the market, says Michael R Binns, CEO of Shriro. We
have a long experience in marketing strong brands and we see Hasselblad as a
great opportunity to expand our operations. This acquisition will mean
significant synergies between our two companies, in particular in the field
Shriro is a 90 year old family business with production and distribution of
several well-known and worldwide brands. The company has its major operation
in the Asian Pacific region. The head-office is situated in Hong Kong and
Shriro employs around 3,800 people in 13 countries and has a turnover of
more than 2.5 billion Swedish Kronor, equal to 300 million US dollars.
The Hasselblad family started its company in 1841. Since mid 1870 Hasselblad
has had its centre of operations in the same building downtown Gothenburg.
In May this year the company will move to new office and production premises
in a newly established high-tech industrial and university area, named Norra
The company has recently carried through a successful, worldwide launch of a
new unique camera system, built for traditional film as well as digital
photography. The H1camera, which took nearly 6 years to develop from "idea"
to a "finished product", opens up new markets for Hasselblad. Deliveries of
the new system started in December 2002.
Hasselblad today has the most wide spread camera system in the world within
the medium format, the so-called V system. This system originates from 1948
and will also in the future be an important part of the sales.
During the latter part of the 90:s Hasselblad has gone through extensive
structural changes and when the company moves into the new premises the
efficiency gain will be substantial. This move marks the completion of this
period of manufacturing and product renewal, and the company is now ready to
embark into a new era.
The change of ownership will not mean any major changes of the Hasselblad
business philosophy. Mr. Goran Bernhoff will remain as President and CEO of
the company and the new owners also stress the importance of the continuity
of the management in the years ahead of the company. The management will
remain as minority shareholders.
Goran Bernhoff, CEO of Victor Hasselblad AB together with Michael Binns, CEO
of Shriro Group inspecting a model of the new Hasselblad premises.
About Victor Hasselblad AB
For over half a century, Hasselblad cameras have been the preferred tools of
discerning photographers the world over. Hasselblad cameras were the first
cameras on the moon and are renowned for their outstanding image quality,
long-life, and rugged durability.
Hasselblad produces and markets three distinct camera systems: The legendary
Hasselblad 6x6 V System, with its classic, compact design and unmatched
adaptability, still the most comprehensive medium format system in the
world; the unique dual-format Hasselblad XPan, which takes full, unmasked
panorama or standard 35 mm shots on the same roll of 35 mm film; and the
new, auto-focus 645 Hasselblad H System, which seamlessly combines film,
digital, and slide photography and provides a level of user-friendliness
previously found only in 35 mm SLR cameras.
Over 97% of Hasselblad's products are exported for sale in foreign markets
and the Company has offices, distributors, service outlets, and
representatives worldwide. Victor Hasselblad AB is a privately owned company
based in Gothenburg, Sweden.