Handelsbanken's Handel och Industri subsidiary has sold all its shares in Plastal Industri, the parent company of the Plastal Group to the Canadian Plasman Group.  

With the transaction, Handelsbanken says it has recovered the total claims outstanding when the former Plastal Group went into bankruptcy.

The agreement will have only a marginal effect on Handelsbanken's profits and financial position, says the company. 

"This is a good conclusion to Handelsbanken's involvement in Plastal," said Handel och Industri, chief executive, Magnus Sternbrink.

"The company  will be part of a strong industrial group where [it] can continue to develop its business."

Plastal manufactures injection-moulded and painted plastic parts for the automotive industry.

The company has four plants: two in Sweden, one in Norway and one in Belgium. The Plasman Group is a supplier of products such as injection-moulded and painted plastic to the automotive sector.

The Group is based in Windsor, Canada, and has a total of 11 plants in Canada, the US and Mexico. 

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