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FAM, Navigare Ventures, Nineteen Private Capital, and Thisbe have been integrated into Wallenberg Investments, to develop and simplify the ownership governance and capital management of the Wallenberg foundations. Asset management is now organized into five investment units: Industrials, Real Assets, Alternative Funds, Special Investments and Ventures. Read more below.

Industrials

Industrials

Long-term ownership. Industrial excellence.

Industrials is our portfolio of companies operating in industrial technology, advanced systems, manufacturing, materials and digital solutions. We invest in and develop world-leading companies with the potential to create lasting value for generations to come.

Active ownership for structurally stronger companies

As an active owner, we aim to help our companies become structurally stronger and create value over time. To achieve this, we work closely with each company to drive progress in areas that are critical to long-term value creation.

With ownership stakes that enable active influence, our primary role is to support strong boards and effective corporate governance. Through ongoing dialogue with boards, management teams and other key stakeholders, we support our companies by leveraging the expertise, experience and networks across Wallenberg Investments.

Total revenue 2025 (SEK bn)
233
Portfolio value 2025 (SEK bn)
53
Dividends 2025 (SEK bn)
1.1

Our holdings

AMEXCI

Research and development company in additive manufacturing Year of investment 2017 Headquarters Karlskoga, Sweden

AMEXCI is a Nordic company in metal-based additive manufacturing, built for qualified series production of industrial components. The company was founded by several world-leading Nordic industrial companies to accelerate the industrialization of additive manufacturing in the Nordic region. AMEXCI has approximately 30 employees.

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Ownership (capital/votes, %)
37,8/37,8
Holding value (SEK)
Unlisted

GreenIron

Developer of fossil-free metal reduction solutions Year of investment 2021 Headquarters Stockholm, Sweden

GreenIron is a Swedish metal technology company that, through a patented, hydrogen-based process, helps the steel industry recycle residual products and waste streams into circular and fossil-free metal raw material. GreenIron has approximately 25 employees.


 

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Ownership (capital/votes, %)
44,8/44,8
Holding value (SEK)
Unlisted

Höganäs

World-leading manufacturer of metal powders Year of investment 2013 Headquarters Höganäs, Sweden

Höganäs is the world's largest supplier of iron and metal powders, with an annual capacity of 500,000 tonnes used across a range of areas: automotive components, brazing, electric motors and additive manufacturing. The company was founded in 1797 and has been owned since 2013 by Lindéngruppen and Wallenberg Investments through Höganäs Holding AB. Höganäs has approximately 2,200 employees in 14 countries. In 2025, Höganäs had turnover of approximately SEK 11 billion.

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Ownership (capital/votes, %)
50/50
Holding value (SEK)
Unlisted
Board representation from Wallenberg Investments
Kristian Sildeby

IPCO

Global supplier of industrial process solutions Year of investment 2017 Headquarters Sandviken, Sweden

IPCO is a global supplier of industrial process solutions involving advanced steel belts and steel belt-based equipment. Since 2017, IPCO has been wholly owned by Wallenberg Investments. IPCO has approximately 700 employees and operates in around 25 countries. Production is located in Asia, Europe and North America. In 2025, IPCO had turnover of approximately SEK 2 billion.

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Ownership (capital/votes, %)
100
Holding value (SEK)
Unlisted
Board representation from Wallenberg Investments
Richard Nilsson

Kivra

Sweden's leading digital mailbox Year of investment 2013 Headquarters Stockholm, Sweden

Kivra's platform replaces physical paper mail and receipts while enabling senders to engage in active customer communication. Kivra is owned by 41an Invest (Karl-Johan Persson and Stefan Krook), Wallenberg Investments, and the board and employees. More than five million individuals and tens of thousands of companies and public authorities use the service. Kivra has around 200 employees. In 2025, Kivra had turnover of approximately SEK 450 million.

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Ownership (capital/votes, %)
40,0/40,0
Holding value (SEK)
Unlisted
Board representation from Wallenberg Investments
Kristian Sildeby

Munters

World-leading provider of climate solutions for demanding industrial environments Year of investment 2017 Headquarters Kista (Stockholm), Sweden

Munters develops innovative and sustainable climate solutions that ensure the right temperature and humidity conditions in demanding industrial environments, such as pharmaceuticals, data centers and food production. Munters has approximately 5,400 employees and operates in more than 30 countries. In 2025, Munters had turnover of around SEK 15 billion.

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Ownership (capital/votes, %)
28,3/28,3
Holding value (SEK)
8.9 bn
Board representation from Wallenberg Investments
Kristian Slideby

Nefab

Global provider of packaging and logistics solutions Year of investment 2015 Headquarters Kista (Stockholm), Sweden

Nefab develops, produces and delivers packaging and logistics solutions that reduce customers' total costs and environmental impact. Nefab has its origins in Alfta but operates worldwide. The company is owned by the Nordgren/Phil family and Wallenberg Investments. Nefab has more than 4,900 employees in 38 countries. In 2025, Nefab had turnover of approximately SEK 10 billion.

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Ownership (capital/votes, %)
50/50
Holding value (SEK)
Unlisted
Board representation from Wallenberg Investments
Magnus Fernström
Kristian Sildeby

SKF

World-leading manufacturer of bearings and related products Year of investment 2007 Headquarters Gothenburg, Sweden

SKF develops and manufactures bearings, seals, lubrication systems and related solutions that improve performance and reliability in industrial applications. The Wallenberg family, through Wallenberg Investments and Investor, has been an owner of SKF for more than 100 years, and today the holding is held by Wallenberg Investments. SKF has more than 37,000 employees and operates in around 130 countries. In 2025, SKF had turnover of approximately SEK 92 billion.

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Ownership (capital/votes, %)
15,2/29,2
Holding value (SEK)
17.0 bn
Board representation from Wallenberg Investments
Håkan Buskhe
Richard Nilsson

Stora Enso

Global provider of packaging, biomaterials and wood products Year of investment 2007 Headquarters Helsinki, Finland, and Stockholm, Sweden

Stora Enso develops renewable solutions in packaging, biomaterials and wooden construction, with the forest as its raw material base. The Wallenberg family, through Wallenberg Investments and Investor, has been an owner of Stora Enso for more than 100 years, and today the holding is held by Wallenberg Investments. Stora Enso has just under 19,000 employees and operates worldwide, primarily in Europe, South America and Asia. In 2025, Stora Enso had turnover of just over SEK 100 billion.

 

 

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Ownership (capital/votes, %)
10,2/27,4
Holding value (SEK)
9.2 bn
Board representation from Wallenberg Investments
Håkan Buskhe
Richard Nilsson

Team

Kristia

Kristian Sildeby

Head of Industrials

Emma Elofsson

Emma Elofsson

Investment Manager

Oscar Andersson

Oscar Andersson

Investment Associate

Charlotta Jansson

Charlotta Jansson

Executive Assistant

Contact us

Want to get in touch with Industrials?
Reach out to our team at:

industrials@wallenberginvestments.com

Investeringsenheter

Real assets
Real assets, for generations to come.

Real Assets invests in physical assets with industrial relevance, including forests, land, and sustainable infrastructure, with a focus on managing and developing existing assets.

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Alternative funds
Strategic capital beyond public markets.

Alternative Funds invests in private funds and, together with fund managers and other trusted partners, makes direct investments in companies as a co-investor.

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Special investments
For tomorrow’s strategic technologies.

Special Investments invests in and develops innovative companies in the early growth stage with proven market relevance, as well as companies that contribute unique value to our ecosystem or to Sweden’s strategic capabilities.

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Ventures
Investments in science-driven industrial renewal.

Ventures invests in companies built on new research or breakthrough technologies, supporting the expansion and commercialization of their discoveries.

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