Divestment of Hörnell International (SE) by the owners (SE/UK) to 3M (US) — SEK 750 million

Carnegie acted as adviser to Mr Åke Hörnell, Skandia Investment and Swedetech (3i) in the divestment of Hörnell International to 3M. Hörnell International is a world-wide market leading supplier of personal protective equipment for welders including Speedglas autodarkening filters, Adflo respiratory protection devices, and other innovative solutions. March, 2004.